Stellar’s Lumen Technical Analysis – Turns Bearish – 06/07/18

Key Highlights

• Stellar’s Lumen slid by 4.49% on Thursday, reversing Wednesday’s 2.23% gain, to end the day at $0.20087.
• An early intraday high $0.21536 saw Stellar’s Lumen fall short of the day’s first major resistance level at $0.2196 before a broad market reversal weighed through the day.
• A mid-afternoon intraday low $0.19662 saw Stellar’s Lumen fall through the day’s first major support level at $0.1999 before support kicked in, with Stellar’s Lumen recovering to $0.20 levels by the day’s end.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen fell by 4.49% on Thursday, more than reversing Wednesday’s 2.23% gain, to end the day at $0.20087.

Following the broader market trend, Stellar’s Lumen moved through to an intraday high $0.21536 in the early hours of the day, falling short of the day’s first major resistance level at $0.2196 to pullback through the morning to $0.20 levels.

An early afternoon sell-off saw Stellar’s Lumen slide through the day’s first major support level at $0.1999 to an intraday low $0.19662 before recovering to $0.20 levels in the latter part of the day, the failure to break through the 23.6% FIB Retracement Level at $0.2395 continuing to support the extended bearish trend formed at 29^th April’s swing hi $0.46547.

At the time of writing, Stellar’s Lumen was down 0.66% to $0.19952 in what’s been a range bound start to the day.

An early morning $0.2047 high saw Stellar’s Lumen fall short of the day’s first major resistance level at $0.2119 before pulling back through the early hours to a $0.19805 low, Stellar’s Lumen managing to hold above the day’s first major support level at $0.1932.

For the day ahead, a move back through $0.20 levels to $0.2043 would support a run at the day’s first major resistance level at $0.2119, while we would expect the 23.6% FIB Retracement Level of $0.2395 to remain untested through the day, the bearish sentiment across the market continuing to pin Stellar’s Lumen back from a near-term bullish trend formation.

Failure to move back through to $0.20 levels could see Stellar’s Lumen come under pressure through the early afternoon, with the day’s first major support level at $0.1932 very much in play ahead of the weekend, with a continued broad based cryptomarket sell-off likely to see Stellar’s Lumen test the day’s second major support level at $0.1855 before any recovery.

The losses may be minor through the early part of the day, but when considering Thursday’s losses, we can expect any pullback to lag the broader market, giving Stellar’s Lumen the possibility of a sharper rebound should sentiment improve, Stellar’s Lumen and the broader market in dire need of a weekend rally this week.

Looking at the Technical Indicators

Major Support Level: $0.1932

Major Resistance Level: $0.2119

Fib 23.6% Retracement Level: $0.2395

Fib 38% Retracement Level: $0.2827

Fib 62% Retracement Level: $0.3525