Stellar’s Lumen Technical Analysis – Support Levels in Play – 09/05/18

Key Highlights

• Stellar’s Lumen fell by 3.8% on Tuesday, following Monday’s 3.39% fall, to end the day at $0.37948.
• An intraday high $0.41126 fell short of the day’s first major resistance level of $0.4158, with Stellar’s Lumen having to call on support in the late morning, an intraday low $0.36986 testing support at the day’s first major support level at $0.3749.
• Support failed to kick in at the 23.6% FIB Retracement Level of $0.3994, with sentiment across the broader market pinning back buyer appetite early on.

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How to Buy Stellar Lumens: The Complete Guide

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Stellar’s Lumen Price Support

Stellar’s Lumen slid by 3.8% on Tuesday, following Monday’s 3.39% fall, to end the day at $0.37948, the decline marking 3 consecutive days in the red to track the broader market.

A morning high $0.41126 came within the first few hours of Tuesday, with Stellar’s Lumen managing to fight off a reversal after a first run at the day’s first major resistance level of $0.4158 that saw Stellar’s Lumen hit $0.41085 before a second run.

The broad market sell-off took its toll by mid-morning, with Stellar’s Lumen pulling back through the 23.6% FIB Retracement Level of $0.3994 and the day’s first major support level at $0.3749 to an intraday low $0.36986.

While managing to move back through the day’s first major support level to an end of the day $0.37948, holding below the 23.6% FIB Retracement Level of $0.3994 will have supported the bearish start seen this morning.

At the time of writing, Stellar’s Lumen was down $3.64% to $0.36596, with negative sentiment weighing across the market for a 3^rd consecutive day this week.

Tuesday’s slide through the 23.6% FIB Retracement Level of $0.3994 brought today’s first major support level at $0.3625 into play early this morning, with Stellar’s Lumen pulling back to an early $0.35345 low to call on support at the 38.2% FIB Retracement Level of $0.3586 before moving back through to $0.36 levels.

For the day ahead, a move back through to the morning’s high $0.3819 would support a run at the 23.6% FIB Retracement Level of $0.3994, though sentiment across the broader market will need to improve for Stellar’s Lumen to break out from this level and resume the bullish trend formed at 6^th April’s swing lo $0.2926.

Failure to break back through to $0.38 levels will likely see further declines through the day, bringing the day’s second major support level at $0.3455 into play, the bears likely to be pushing for sub-$0.30 levels to fully reverse 6^th April’s extended bullish trend.

Holding above the 38.2% FIB Retracement Level of $0.3586 will be key this morning, with talks of a Stellar fork also there for investors to contend with this week.

Looking at the Technical Indicators

• Major Support Level: $0.3625
• Major Resistance Level: $0.4039
• Fib 23.6% Retracement Level: $0.3994
• Fib 38% Retracement Level: $0.3586
• Fib 62% Retracement Level: $0.2926