Stellar’s Lumen Technical Analysis – The Bears Take a Bite – 06/02/19

It’s a bad start to the day for Stellar’s Lumen, which is amongst the worst performers of the morning. Could sub-$0.070 levels be on the horizon?
Bob Mason
Stellar's Lumen
Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

Key Highlights

  • Stellar’s Lumen fell by 1.26% on Tuesday. Following on from a 2.38% slide on Monday, Stellar’s Lumen ended the day at $0.07820.
  • An early afternoon intraday high $0.07939 saw Stellar’s Lumen fall short of the first major resistance level at $0.0810 before hitting reverse.
  • A late afternoon intraday low and new swing lo $0.07731 saw Stellar’s Lumen slide through the day’s first major support level at $0.0783 to call on support at the second major support level at $0.0774.
  • The bearish trend remained intact after a 4th consecutive day in the red. Stellar’s Lumen continues to fall short of the 23.6% FIB Retracement Level of 0.1369, following the day’s new swing lo $0.07731.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen fell by 1.26% on Tuesday, following on from a 2.38% slide on Monday. The reversal left Stellar’s Lumen down at $0.0782 at the day’s end.

Tracking the broader market through the first half of the day, Stellar’s Lumen rose to an early afternoon intraday high $0.07939 before hitting reverse. Falling short of the first major resistance level at $0.0810, Stellar’s Lumen fell to a late afternoon intraday low and new swing lo $0.07731 before finding support.

The reversal saw Stellar’s Lumen fall through the first major support level at $0.0783 to call on support at the second major support level at $0.0774 to limit the losses on the day.

Following this week’s sell-off and new swing lo $0.07731, the extended bearish trend was reaffirmed. Stellar’s Lumen continues 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 4.08% to $0.07502. A particularly bearish start to the day saw Stellar’s Lumen slide from $0.07824 to a morning low and new swing lo $0.0743 before finding support. The sell-off saw Stellar’s Lumen fall through the first major support level at $0.0772 and second major support level at $0.0762 to call on support at the third major support level at $0.0741.

For the day ahead, a move back through the second major support level would support a recovery of the morning losses. A move through the morning high would be needed to bring the day’s first major resistance level at $0.0793 into play, while Stellar’s Lumen will likely continue to fall short of $0.080 levels in the event of a rebound.

Failure to move back through the second major support level could see Stellar’s Lumen remain deep in the red through the day. A pullback through the third major support level at $0.0741 could bring sub-$0.070 levels into play near-term.

Direction through the remainder of the day will likely come from Litecoin, which has also taken a hit to reverse recent gains.

Looking at the Technical Indicators

Major Support Level: $0.0772

Major Resistance Level: $0.0793

Fib 23.6% Retracement Level: $0.1310

Fib 38% Retracement Level: $0.1643

Fib 62% Retracement Level: $0.2180

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