It's back into the red for Stellar's Lumen. Following a sharp pullback on Tuesday, things could get from bad to worse later in the day.
Stellar’s Lumen fell by 3.54% on Tuesday. Partially reversing a 6.35% rally from Monday, Stellar’s Lumen ended the day at $0.1140.
A bullish start to the day saw Stellar’s Lumen rally to an early morning intraday high $0.12113 before hitting reverse. The morning rally saw Stellar’s Lumen come up short of the first major resistance level at $0.1244.
The reversal saw Stellar’s Lumen slide to a mid-morning intraday low $0.11372 before finding support. Steering clear of the first major support level at $0.1101, Stellar’s Lumen recovered to $0.118 levels by late morning. Negative sentiment across the broader market weighed through the afternoon to leave Stellar’s Lumen in the red for the day.
The extended bearish trend remained intact, in spite of last week’s 8% rally. Stellar’s Lumen continued to fall well short of the 23.6% FIB Retracement Level of $0.1310. For the bulls, the losses for the current year have been cut to just 1.66%. A 4th consecutive week in the green and positive start to the week brings Stellar’s Lumen within range of the 23.6% FIB of $0.1310.
At the time of writing, Stellar’s Lumen was down by 0.3% to $0.11366. A relatively bearish start to the day saw Stellar’s Lumen ease from a morning high $0.11464 to a low $0.1130.
The moves through the early morning saw Stellar’s Lumen leave the day’s major support and resistance levels untested.
A move through to $0.1160 levels would signal a resumption of the upward trend through March. Support from the broader market would be needed, however, for Stellar’s Lumen to break through the first major resistance level at $0.1188.
Barring a crypto-rally, however, we would expect Stellar’s Lumen to come up short of $0.12 levels on the day.
Failure to move through to $0.1160 levels could see Stellar’s Lumen take a bigger hit later in the day. A fall through the morning low $0.1130 would bring the first major support level at $0.1114 into play.
Barring a crypto meltdown, we would expect Stellar’s Lumen to steer clear of sub-$0.31 support levels on the day.
Major Support Level: $0.1114
Major Resistance Level: $0.1188
23.6% FIB Retracement Level: $0.1310
38% FIB Retracement Level: $0.1643
62% FIB Retracement Level: $0.2180
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.