Key Highlights
- Stellar’s Lumen gained 2.69% on Monday. Reversing a 2.31% fall from Sunday, Stellar’s Lumen ended the day at $0.11346.
- An early morning intraday low $0.11049 saw Stellar’s Lumen steer clear of the first major support level at $0.1094.
- A late morning intraday high $0.11539 saw Stellar’s Lumen come within range of the first major resistance level at $0.1159.
- The bearish trend remained firmly intact in spite of solid gains since February. Stellar’s Lumen continued to fall short of the 23.6% FIB Retracement Level of 0.1369.
Stellar’s Lumen Price Support
Stellar’s Lumen rose by 2.69% on Monday. Reversing a 2.31% fall from Sunday, Stellar’s Lumen ended the day at $0.11346.
A bearish start to the day saw Stellar’s Lumen slide to an early intraday low $0.11049 before finding support.
Steering well clear of the first major support level at $0.1094, Stellar’s Lumen rallied to a late morning intraday high $0.11539.
Coming within range of the first major resistance level at $0.11590, fell back to an afternoon low $0.11256. Resistance at $0.1150 pinned Stellar’s Lumen back in the afternoon. A second rally to an afternoon high $0.11497 also led to a pullback to sub-$0.1140 levels.
The extended bearish trend remained intact, with Stellar’s Lumen seeing red for the last 2-weeks. Stellar’s Lumen has failed to break back through the 23.6% FIB Retracement Level of $0.1310 to take a run at the 38.2% FIB of $0.1643.
For the bulls, a resumption of the upward trend that led to 6 weeks in the green out of 8 will be needed to bring the 23.6% FIB of $0.1310 back into play.
At the time of writing, Stellar’s Lumen was down just 0.11% to $0.11334. Moves in the early hours saw Stellar’s Lumen rise from a start of a day $0.11287 to a morning high $0.11334.
A relatively range-bound start to the day saw Stellar’s Lumen leave the major support and resistance levels untested.
For the day ahead,
A move through to $0.1140 levels would support a run at the first major resistance level at $0.11520 later in the day.
Support from the broader market would be needed, however, for Stellar’s Lumen to breakout from $0.1140 levels. Barring a broad-based crypto rebound, Stellar’s Lumen would likely come up short of $0.1150 levels.
In the event of a crypto rebound, Stellar’s Lumen could breakout from $0.1150 levels to take a run at the second major resistance level at $0.1169 before any pullback.
Failure to move through to $0.1140 levels could see Stellar’s Lumen hit reverse. A fall through the morning low $0.11287 could see Stellar’s Lumen test the first major support level at $0.1120 before any recovery.
Barring a crypto meltdown, Stellar’s Lumen will likely steer clear of sub-$0.1100 levels. The second major support level at $0.1105 would likely limit the downside on the day.
Looking at the Technical Indicators
Major Support Level: $0.1152
Major Resistance Level: $0.1120
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