Stellar’s Lumen Technical Analysis – Support Levels in Play – 29/01/19

Key Highlights

• Stellar’s Lumen tumbled by 7.2% on Monday, following a 4.32% slide from Sunday, to end the day at $0.08775.
• A start of a day intraday high $0.0.09456 saw Stellar’s Lumen short of the first major resistance level at $0.0991 before hitting reverse.
• An afternoon intraday low and new swing lo $0.085 saw Stellar’s Lumen slide through the day’s first major support level at $0.0933 and second major support level at $0.0908 to call on the third major support level at $0.085 before steadying.
• The bearish trend remained intact, with Stellar’s Lumen continuing to fall short of the 23.6% FIB Retracement Level of 0.1369 following the day’s new swing lo $0.085.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen slumped by 7.2% on Monday, following on from a 4.32% slide on Sunday, to end the day at $0.08775.

Bullish moves were non-existent through the day, with Stellar’s Lumen seeing the start of a day intraday high $0.09456 fall well short of the day’s first major resistance level at $0.0991.

A sell-off through the day saw Stellar’s Lumen slide through the first major support level at $0.0933 and second major support level at $0.0908 to call on support at the third major support level at $0.085 before steadying.

The reversal came off the back of pressure from the broader market, with all the majors seeing red through the day.

Following Monday’s sell-off and new swing lo $0.085, the extended bearish trend was reaffirmed, with Stellar’s Lumen continuing to fall well short of the 23.6% FIB Retracement Level of $0.1369. For the bulls, the late September swing hi $0.305 remains an even more distant bull target.

At the time of writing, Stellar’s Lumen was down by 2% to $0.08599, with moves through the early morning seeing Stellar’s Lumen slide from a start of day morning high $0.08811 to a morning low $0.08501 before steadying. The major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high $0.08811 to $0.089 levels would support a run at $0.09 levels to bring the first major resistance level at $0.0932 into play before any pullback. We will expect Stellar’s Lumen to face plenty of resistance on the way through to $0.090 levels, in the event of a recovery, to pin Stellar’s Lumen back from more material gains on the day.

Failure to move through the morning high to $0.089 levels could see Stellar’s Lumen fall deeper into the red, with a slide through the morning low $0.08501 bringing the first major support level at $0.0836 into play before any recovery. We would expect the second major support level at $0.0795 to be left untested on the day, barring a broad-based crypto market meltdown, which is plausible.

Looking at the Technical Indicators

Major Support Level: $0.0836

Major Resistance Level: $0.0932

Fib 23.6% Retracement Level: $0.1369

Fib 38% Retracement Level: $0.1690

Fib 62% Retracement Level: $0.2210