Stellar’s Lumen Technical Analysis – Bucks the Trend Early – 28/06/18

Published: Jun 28, 2018, 10:18 UTC•2min read

Stellar’s Lumen is looking to buck the trend early, moving in and out of positive territory, whilst the lions share of the cryptos fall back in the hands of the bears, following Wednesday’s gains.

Key Highlights

Stellar’s Lumen gained 4.09% on Wednesday, partially reversing Tuesday’s 7.73% slide, to end the day at $0.19099.
An intraday low $0.18015 hit in the early afternoon held above the day’s first major support level at $0.1771.
A mid-afternoon rally led Stellar’s Lumen to a late in the day intraday high $0.19327, coming within reach of the day’s first major resistance level at $0.1941 before easing to the day’s ending $0.19099.

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Stellar’s Lumen Price Support

Stellar’s Lumen gained 4.09% on Wednesday, partially reversing Tuesday’s 7.73% slide, to end the day at $0.19099.

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In a relatively choppy day, Stellar’s Lumen was under pressure through the morning, while finding support at $0.18 levels to avoid a pullback to $0.17 levels.

Failed attempts at a breakout in the late morning to $0.19 levels saw Stellar’s Lumen slide to an intraday low $0.18015 that held well above the day’s first major support level at $0.1771, leading to a second half of the day rally that saw Stellar’s Lumen move through to an intraday high $0.19327, testing the day’s first major resistance level at $0.1941 before easing back to an end of day $0.19099.

The continued failure to break out from major resistance levels and the 23.6% FIB Retracement Level at $0.2442 has left the extended bearish trend formed at late April’s swing hi $0.46457 firmly intact, with no signs of a bearish trend reversal in sight.

At the time of writing, Stellar’s Lumen was down 0.06% to $0.19087 in what’s been a range bound start to the day by Stellar Lumen standards.

An early morning $0.19243 high came up short of the day’s first major resistance level at $0.1961, with a mid-morning $0.18807 low managing to steer clear of the day’s first major support level at $0.1830 in spite of the broad based market sell-off, with Stellar’s Lumen having bucked the trend earlier in the morning with minor gains.

For the day ahead, a move through the morning’s high $0.19243 high would support a run at the first major resistance level a $0.1961 to bring $0.20 levels into play, though with sentiment across the broader market negative through the early part of the day, $0.20 levels will be some way off, leaving the extended bearish trend intact.

Failure to move back through the morning’s $0.19243 high could see Stellar’s Lumen catch up with the broader market through the afternoon, with the first major support level at $1830 in play, though we would expect Stellar’s Lumen to avoid bringing sub-$0.18 support levels into range barring particularly dire crypto news hitting the wires through the day.