Stellar’s Lumen Technical Analysis – Support Levels in Play – 21/01/19

Key Highlights

• Stellar’s Lumen fell by 4.38% on Sunday, reversing a 1.29% gain from Saturday, to end the day at $0.10468.
• An early morning intraday high $0.11056 saw Stellar’s Lumen come within range of the first major resistance level at $0.1123 before hitting reverse.
• A late in the day intraday low $0.10284 saw Stellar’s Lumen slide through the day’s first major support level at $0.1074 and second major support level at $0.1053 before steadying.
• The bearish trend remained intact, with Stellar’s Lumen continuing to fall short of the 23.6% FIB Retracement Level of 0.1434 following 15^th December’s swing lo $0.09353.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen fell by 4.38% on Sunday, reversing a 1.29% gain from Saturday with interest, to end the week down 0.29% at $0.10468.

An early morning intraday high $0.11056 saw Stellar’s Lumen fall short of the first major resistance level at $0.1123 before succumbing to pressure from the broader crypto market.

Tracking the broader market, Stellar’s Lumen slid through the first major support level at $0.1074 and second major support level at $0.1053 to $0.1030 before steadying.

In spite of a partial recovery in the early afternoon, the downward bias remained, with Stellar’s Lumen falling to a late in the day intraday low $0.10284, Stellar’s Lumen unable to break back through the second major support level by the day’s end.

The bearish trend, formed at late October’s swing hi $0.305, remained intact, with a 2^nd consecutive week in the red continuing to leave Stellar’s Lumen well short of the 23.6% FIB of $0.1434.

At the time of writing, Stellar’s Lumen was down by 0.28% to $0.10439, with a bearish start to the day seeing Stellar’s Lumen fall from a morning high $0.10499 to a morning low $0.10341 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.10499 to $0.1060 levels would signal a run at the day’s first major resistance level at $0.1092 to bring $0.11 levels into play before any pullback. We would expect Stellar’s Lumen to come up short of the second major resistance level at $0.1137 in the event of a rebound, with Sunday’s high $0.11056 likely to pin Stellar’s Lumen back on the day.

Failure to move through to $0.1060 levels could see Stellar’s Lumen fall back deeper into the red, with a fall through the morning low $0.10341 likely to bring the first major support level at $0.1015 into play before any recovery. We would expect sub-0.10 levels and the second major support level at $0.0983 to be left untested, barring another major sell-off later in the day.

Looking at the Technical Indicators

Major Support Level: $0.1015

Major Resistance Level: $0.1092

Fib 23.6% Retracement Level: $0.1434

Fib 38% Retracement Level: $0.1743

Fib 62% Retracement Level: $0.2242