Stellar’s Lumen Technical Analysis – Turning Bearish – 01/08/18

Key Highlights

• Stellar’s Lumen slid by 5.82% on Tuesday, following Monday’s 3.69% fall, to end the day at $0.27829.
• A start of the day intraday high $0.29567 fell well short of the first major resistance level at $0.3108, with Stellar’s Lumen having failed to break back through the 23.6% FIB Retracement Level of $0.3151 on the day.
• Stellar’s Lumen tumbled through the 38.2% FIB Retracement Level of $0.2869 and the first major support level at $0.2781 to an intraday low $0.26542 before recovering to $0.27 levels.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen slid by 5.82% on Tuesday, following Monday’s 3.69% fall, to end the day at $0.27829.

Tracking the broader market trend, Stellar’s Lumen tumbled from a start of a day intraday high $0.29567, through the 38.2% FIB Retracement Level of $0.2869 and the first major support level at $0.2781 to an early afternoon intraday low $0.2652.

Much needed support through the early afternoon saw Stellar’s Lumen break back through the first major support level at $0.2781 to an afternoon high $0.2847 before pulling back to $0.27 levels by the day’s end.

The slide through and failure to break back through the 38.2% FIB Retracement Level of $0.2869 has brought the near-term bullish trend into question, with any further pullback from $0.27 levels considered to be a resumption of the extended bearish trend formed back at 3^rd May’s swing hi $0.47232, Stellar’s Lumen having taken a bigger hit than most in recent days as the cryptomarket hits reverse.

At the time of writing, Stellar’s Lumen was down 1.83% to $0.27241, with the broad based market sell-off seeing Stellar’s Lumen slide from a start of a day morning high $0.27997 to an early morning $0.26428 low, holding just above the day’s first major support level at $0.2639.

A partial recovery back through to $0.27 levels still left Stellar’s Lumen well below the 38.2% FIB Retracement Level of $0.2869, leaving the near-term bullish trend in jeopardy as a resumption to the bearish trend begins to materialize.

For the day ahead, a move through $0.2798 would support a run at $0.28 levels, with sentiment across the broader market needing to material improve for Stellar’s Lumen to take a run at the first major resistance level at $0.2942, the only positive for the markets over the near-term being of hopes of an SEC approval for Bitcoin ETFs to roll out.

Failure to break back through the morning high to $0.28 levels, could see Stellar’s Lumen resume the reversal and slide through the first major support level at $0.2639 to bring $0.25 levels into play, while we would expect Stellar’s Lumen to steer clear of sub-$0.25 levels, the second major support level at $0.2495 and the 62% FIB Retracement Level of $0.2414.

Looking at the Technical Indicators

 

Major Support Level: $0.2639

Major Resistance Level: $0.2942

Fib 23.6% Retracement Level: $0.3151

Fib 38% Retracement Level: $0.2869

Fib 62% Retracement Level: $0.2414