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Stellar’s Lumen Technical Analysis – Support Levels in Play – 20/08/19

Stellar’s Lumen bucked the trend in the early hours but may well join the pack if the broader market falls deeper into the red.
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 2.16% on Monday. Following on from a 4.56% rally from Sunday, Stellar’s Lumen ended the day at $0.072116.
  • A mid-morning intraday low $0.07035 saw Stellar’s Lumen hold above the first major resistance level at $0.06830.
  • A late intraday high $0.072116 saw Stellar’s Lumen come within range of the first major resistance level at $0.07260.
  • The extended bearish trend remained firmly intact, with Stellar’s Lumen continuing to fall short of the 23.6% FIB of $0.1311.

How to Buy Stellar’s Lumen

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Stellar’s Lumen Price Support

Stellar’s Lumen gained 2.16% on Monday. Following on from a 4.56% rally from Sunday, Stellar’s Lumen ended the day at $0.072116.

A bearish start to the day saw Stellar’s Lumen fall to a mid-morning intraday low $0.07035 before finding support.

Stellar’s Lumen steered well clear of the first major support level at $0.06830 before rallying to a late morning high $0.0720.

Finding support from a broad-based crypto rally, Stellar’s Lumen came within range of the first major resistance level at $0.07260.

Cryptomarket forces weighed through the afternoon, however, with Stellar’s Lumen falling back to an afternoon low $0.07069.

Finding support from the broader market, Stellar’s Lumen rallied to an end of day intraday high $0.072116 to come within range of the first major resistance level at $0.0726 for a 2nd time.

The extended bearish trend remained firmly intact following 4 consecutive weeks in the red. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.1310 following a pullback from $0.13 levels in late June.

Since 13th May’s current year high $0.16176, Stellar’s Lumen has seen 9-weeks in the red, with just 4 weeks in the green…

The particularly bearish July and August led to a slide back from the 23.6% FIB of $0.1310.

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 up by 0.16% to $0.072229. Stellar’s Lumen hit an early morning high $0.0724 before easing back to a low $0.072229.

Stellar’s Lumen came within range of the first major resistance level at $0.0727, whilst steering clear of the major support levels.

XLM/USD CHART

For the day ahead

Stellar’s Lumen would need to hold onto $0.0720 levels through the morning to support another run at the first major resistance level at $0.0727.

Support from the broader market would be needed, however, to hold onto $0.0720 levels.

Barring a broad-based crypto rebound, Stellar’s Lumen would likely continue to come up short of $0.0730 levels.

Failure to hold onto $0.0720 levels would see Stellar’s Lumen join the rest of the crypto majors in the red.

A fall through $0.0715 would bring the first major support level at $0.0709 into play before any recovery.

Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of sub-$0.069 levels.

The second major support level at $0.0698 would limit any downside in the event of a fall through to sub-$0.070 levels.

Looking at the Technical Indicators

Major Support Level: $0.07090

Major Resistance Level: $0.07270

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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