Stellar’s Lumen Technical Analysis – Turns Bullish – 24/09/18

It’s a bearish start to the week, after forming a bearish trend reversal over the weekend, with profit taking weighing in the early hours.
Bob Mason
stellar xlm

Key Highlights

  • Stellar’s Lumen rallied 17.66% on Sunday, reversing Saturday’s 3.9% loss with interest, to end the week up 36.62% to $0.28252.
  • A morning rally saw Stellar’s Lumen break through the day’s major resistance levels to an intraday high $0.305 that also saw Stellar’s Lumen breakout from the 23.6% FIB Retracement Level of $0.222 through the 62% FIB Retracement Level of $0.287 to form a near-term bullish trend.
  • A pullback through the afternoon reversed late in the day, with Stellar’s Lumen breaking back through the 62% FIB Retracement Level by the day’s end, the first major support level at $0.2295 left untested on the day.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen rallied 17.66% on Sunday, reversing Saturday’s 3.9% loss with interest, to end the week up 36.62% to $0.28252.

A bullish start to the day saw Stellar’s Lumen break through the 38.2% FIB Retracement Level of $0.2469 and the 62% FIB Retracement Level of $0.287 to a late morning intraday high $0.305 before easing back, the morning moves seeing Stellar’s Lumen break through the day’s major resistance levels with ease.

An early afternoon reversal saw Stellar’s Lumen pullback through the 62% FIB Retracement level to an afternoon low $0.27019 before finding support, leading to a late in the day move back through the 62% FIB Retracement Level to affirm the formation of a bearish trend reversal.

The Sunday rally was in contrast to some of the other major cryptos that struggled through the weekend, product differentiation beginning to influence direction across the broader market, the weekend gain also bringing Stellar’s Lumen within reach of EOS and a 5th place ranking amongst the majors.

At the time of writing, Stellar’s Lumen was down 1.98% to $0.277, with Stellar’s Lumen testing support at the 23.6% FIB Retracement Level of $0.2759 in the early hours, Stellar’s Lumen pulling back from a morning high $0.28309, the moves through the early morning leaving the day’s major support and resistance levels left untested.

For the day ahead, a move back through to $0.28 levels would support another run at $0.30 levels to bring the day’s first major resistance level at $0.3118 into play, though Stellar’s Lumen will need to avoid a pullback through the 23.6% FIB Retracement Level of $0.2759 to support a move through to $0.28 levels and avoid a sharp reversal on profit taking.

Failure to move back through to $0.28 levels could see Stellar’s Lumen continue a reversal through the day, with a fall through to $0.26 levels bringing the day’s first major support level at $0.2464 into play, before any recovery, holding above $0.2757 key to avoid an afternoon slide.

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Looking at the Technical Indicators

Major Support Level: $0.2464

Major Resistance Level: $0.3118

Fib 23.6% Retracement Level: $0.2759

Fib 38% Retracement Level: $0.258

Fib 62% Retracement Level: $0.2289

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