Stellar’s Lumen Technical Analysis – Resistance Levels in Play – 050419

Key Highlights

• Stellar’s Lumen slid by 1.66% on Thursday. Following on from a 0.49% fall on Wednesday, Stellar’s Lumen ended the day at $0.11866.
• A late morning intraday high $0.12563 saw Stellar’s Lumen fall short of the first major resistance level at $0.1330.
• A late in the day intraday low $0.11594 saw Stellar’s Lumen steer clear of the first major support level at 0.1136.
• The bearish trend remained firmly intact in spite of solid gains since February. Stellar’s Lumen failed to hold onto the 23.6% FIB Retracement Level of 0.1369 to take a run at the 38.2% FIB of $0.1643.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen slid by 1.66% on Thursday. Following on from a 0.49% fall on Wednesday, Stellar’s Lumen ended the day at $0.11866.

Tracking the broader market, Stellar’s Lumen rose to a mid-morning intraday high $0.12563 before hitting reverse.

Falling short of the first major resistance level at $0.1330, Stellar’s Lumen slid to a late intraday low $0.11594.

Steering well clear of the day’s first major support level at $0.1136, Stellar’s Lumen found support late in the day to limit the losses.

The extended bearish trend remained intact, in spite of 5 weeks in the green out of the last 6. Stellar’s Lumen failed to hold above the 23.6% FIB Retracement Level of $0.1310 on Wednesday.

For the bulls, the losses for the current year were reversed this week, with Stellar’s Lumen up by 4.9%, year-to-date. A broad-based crypto rally led to Stellar’s Lumen breaking through the 23.6% FIB of $0.1310 on Wednesday before easing back. Monday through Thursday, Stellar’s Lumen was up by 7.98%. For a bullish trend formation, however, Stellar’s Lumen will need to break through the 38.2% FIB of $0.1643.

At the time of writing, Stellar’s Lumen was up by 0.91% to $0.11974. A bullish start to the day saw Stellar’s Lumen rise from a morning low $0.11888 to a high $0.12099 before easing back. Stellar’s Lumen left the day’s major support and resistance levels untested in the early hours.

For the day ahead,

A move back through to $0.12 levels would support another run at the first major resistance level at $0.1242. Barring a broad-based crypto rally, we would expect Stellar’s Lumen to fall short of the 23.6% FIB of $0.1310 for a 2^nd consecutive day. In the event of a breakout, the second major resistance level at $0.1298 would likely limit the upside on the day.

Failure to move through to $0.12 levels could see Stellar’s Lumen hit reverse later in the day. A fall through the morning low $0.11888 would bring the first major support level at $0.1145 into play. Barring a crypto meltdown, we would expect Stellar’s Lumen to avoid sub-$0.1130 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.1145

Major Resistance Level: $0.1242

23.6% FIB Retracement Level: $0.1310

38% FIB Retracement Level: $0.1643

62% FIB Retracement Level: $0.2180

Please let us know what you think in the comments below

Thanks, Bob