It's back into the red for Stellar's Lumen early on, with mixed sentiment through the morning weighing. $0.1060 levels will be the bulls' first target of the day.
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 2nd 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.
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
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.