Stellar’s Lumen Technical Analysis – Support Levels in Play – 20/06/19

Stellar’s Lumen was back into the red in the early hours. A broad-based market rebound would bring $0.1260 levels into play…
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 rose by 0.23% on Wednesday. Steadying from a 5.48% slide on Tuesday, Stellar’s Lumen ended the day at $0.12468.
  • A mid-morning intraday high $0.12664 saw Stellar’s Lumen fall short of the first major resistance level at $0.1293.
  • A late afternoon intraday low $0.12335 saw Stellar’s Lumen steer clear of the first major support level at $0.1205.
  • The extended bearish trend remained firmly intact in spite of a relatively bullish run since early February. Stellar’s Lumen continued to struggle at the 23.6% FIB of $0.1311.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen gained 0.23% on Wednesday. Steadying from a 5.48% slide on Tuesday, Stellar’s Lumen ended the day at $0.12468.

A bullish start to the day saw Stellar’s Lumen rise from a morning low $0.12398 to a mid-morning intraday high $0.12664.

Falling well short of the first major resistance level at $0.1293, Stellar’s Lumen slid back to a late afternoon intraday low $0.12335.

Holding above the first major support level at $0.1205, Stellar’s Lumen found support from the broader market to move back into positive territory by the day end.

The extended bearish trend remained firmly intact. Stellar’s Lumen continued to struggle at the 23.6% FIB of $0.1310 leading to a pullback to sub-$0.13 levels in Tuesday’s sell-off.

For the bulls, a move back through to $0.14 levels would support a run at the 38.2% FIB of $0.1643 and a near-term bullish trend formation.

At the time of writing, Stellar’s Lumen was down by 0.3% to $0.1243. Tracking the broader market, Stellar’s Lumen fell to a morning low $0.12418 before recovering to strike a morning high $0.12474.

Stellar’s Lumen left the major support and resistance levels untested in the early hours.

For the day ahead

A move through to $0.1250 levels would support upward momentum on the day. Stellar’s Lumen would need to move through to $0.1257 levels to take a run at the first major resistance level at $0.1264.

Stellar’s Lumen would need support from the broader market, to break out from $0.1257 level, however. Barring a broad-based crypto rebound, Stellar’s Lumen would likely come up short of $0.1260 levels on the day.

Failure to move through to $0.1250 levels could see Stellar’s Lumen struggle through the day. A pullback through the morning low $0.12418 would bring the first major support level at $0.1231 into play.

Barring a broad-based crypto sell-off, Stellar’s Lumen should steer clear of sub-$0.1220 levels.

In the event of a crypto meltdown, the second major support level at $0.1216 would likely limit the downside today.

Looking at the Technical Indicators

Major Support Level: $0.1231

Major Resistance Level: $0.1264

23.6% FIB Retracement Level: $0.1310

38% FIB Retracement Level: $0.1643

62% FIB Retracement Level: $0.2180

Please let us know what you think in the comments below

Thanks, Bob

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