Stellar’s Lumen Technical Analysis – Support Levels in Play – 20/03/19

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.
Bob Mason
Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

Key Highlights

  • Stellar’s Lumen tumbled by 3.54% on Tuesday. Partially reversing a 6.35% rally from Monday, Stellar’s Lumen ended the day at $0.1140.
  • An early morning intraday high $0.12113 saw Stellar’s Lumen fall short of the first major resistance level at $0.1244.
  • A mid-morning intraday low $0.11372 saw Stellar’s Lumen hold above the day’s first major support level at $0.1101.
  • The bearish trend remained firmly intact in spite of last week’s gains. Stellar’s Lumen continued to fall short of the 23.6% FIB Retracement Level of 0.1369, following February’s new swing lo $0.07731.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

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.

For the day ahead,

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.

Looking at the Technical Indicators

 

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

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