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Stellar’s Lumen Technical Analysis – Support Levels In Play – 24/07/18

Stellar’s Lumen sees heavy losses early as focus shift to Bitcoin and a run at $8,000. Holding on to $0.28 levels will be key early on.
Bob Mason
consensus

Key Highlights

  • Stellar’s Lumen gained 0.9% on Monday, partially reversing Sunday’s 2.69% slide, to end the day at $0.28606.
  • An early morning rally saw Stellar’s Lumen hit an intraday high $0.30451 to test the first major resistance level at $0.3024 before hitting reverse by late morning.
  • A late morning, afternoon sell-off saw Stellar’s Lumen pullback through to sub-$0.30 levels to hit an intraday low $0.2797, calling on support at the 23.6% FIB Retracement Level of $0.2927.
  • While Stellar’s Lumen pulled back through the 23.6% FIB Retracement Level, the day’s first major support level at $0.2725 was left untested on the day.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen gained 0.9% on Monday, following Sunday’s 2.69% fall, to end the day at $0.28606.

Tracking the broader market, Stellar’s Lumen rallied through to a morning intraday high $0.30451, breaking back through the 23.6% FIB Retracement Level of $0.2927 to test the day’s first major resistance level at $0.3024 before a reversal kicked in through the late morning and early afternoon.

Sliding back through the 23.6% FIB Retracement Level of $0.2927, Stellar’s Lumen pulled back to an intraday low $0.2797 in the mid-afternoon, holding just above the day’s first major support level at $0.2725 before a late recovery to $0.28 levels.

In spite of failing to hold above the 23.6% FIB Retracement Level of $0.2927 by the day’s end, the partial recovery at the start of the week left the near-term bullish trend intact, though Stellar’s Lumen will need to avoid sub-$0.27 levels and the 38.2% FIB Retracement Level of $0.2692 to fend off a resumption of the extended bearish trend formed at late April’s swing hi $0.46547.

At the time of writing, Stellar’s Lumen was down 1.79% to $0.28098, with Monday’s second half of the day reversal continuing into the early hours of this morning, an early move through to a morning high $0.29109 falling short of a break back through the 23.6% FIB Retracement Level of $0.2927 to bring $0.30 levels and the first major resistance level at $0.3005 into play.

A pullback from the early morning high saw Stellar’s Lumen fall to a morning low $0.27905, to hold above the first major support level at $0.2757 before moving back to $0.28 levels.

For the day ahead, a move back through to $0.29 levels would be needed to support another run at $0.30 levels and the first major resistance level at $0.3005, while the 23.6% FIB Retracement Level at $0.2927 will likely provide plenty of resistance through the morning.

Failure to break back through to $0.29 levels could see Stellar’s Lumen take a bigger hit later in the morning, bringing the first major support level at $0.2757 into play before any recovery, Stellar’s Lumen facing the possibility of a resumption to the extended bearish trend should sentiment not shift through the middle of the day. A hold at $0.28 levels through the mid-morning will be a must to support any recovery.

Looking at the Technical Indicators

Major Support Level: $0.2757

Major Resistance Level: $0.3005

Fib 23.6% Retracement Level: $0.2927

Fib 38% Retracement Level: $0.2629

Fib 62% Retracement Level: $0.2312

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