While in the red at the time of writing, a move back through to $0.1090 levels could signal an afternoon rebound...
Stellar’s Lumen rallied by 5.81% on Wednesday. Following on from a 2.77% gain from Tuesday, Stellar’s Lumen ended the day at $0.10974.
Bullish from the start of the day, Stellar’s Lumen rallied from a start of a day intraday low $0.10371 to an intraday high $0.11167.
The moves through the early hours saw Stellar’s Lumen break through the first major resistance level at $0.1063 and second major resistance level at $0.1089.
Stellar’s Lumen pulled back to $0.1050 levels in the late morning before finding support from the broader market. A broad-based crypto rally supported a move back through to $0.1090 levels late in the day.
The extended bearish trend remained intact, in spite of 4 weeks in the green out of the last 5. Stellar’s Lumen continued to fall well short of the 23.6% FIB Retracement Level of $0.1310.
For the bulls, the losses for the current year sit at 2.99%. A 4-consecutive week rally came to an end last week, with Stellar’s Lumen falling by 4.57%. A 2nd consecutive day in the green this week brings Stellar’s Lumen back to within range of the 23.6% FIB of $0.1310.
At the time of writing, Stellar’s Lumen was 1.23% to $0.10839. An early pullback saw Stellar’s Lumen fall to a morning low $0.10813 before finding support. Steering clear of the first major support level at $0.1051, Stellar’s Lumen recovered to $0.10899 before sliding back.
In spite of the reversal, Stellar’s Lumen continued to steer clear of the first major support level at $0.1051.
A start of a day morning high $0.10904 saw Stellar’s Lumen come up short of the first major resistance level at $0.1130.
A move back through the morning high $0.10904 would support a run at $0.11 levels and the first major resistance level at $0.1130. Support from the broader market would be needed, however, for a breakout to $0.113 levels. Wednesday’s high $0.11167 would likely pin Stellar’s Lumen back from a move through to $0.12 levels.
Failure to move back through the morning high $0.10904 could see Stellar’s Lumen struggle through the day. A pullback through the morning low $0.10813 would bring $0.1060 levels into play before any recovery. Barring a continued sell-off across the broader market, we would expect Stellar’s Lumen to steer clear of the first major support level at $0.1051.
Major Support Level: $0.1051
Major Resistance Level: $0.1130
23.6% FIB Retracement Level: $0.1310
38% FIB Retracement Level: $0.1643
62% FIB Retracement Level: $0.2180
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.