Stellar’s Lumen Technical Analysis – Support Levels in Play – 20/08/19
Key Highlights
- Stellar’s Lumen rose by 2.16% on Monday. Following on from a 4.56% rally from Sunday, Stellar’s Lumen ended the day at $0.072116.
- A mid-morning intraday low $0.07035 saw Stellar’s Lumen hold above the first major resistance level at $0.06830.
- A late intraday high $0.072116 saw Stellar’s Lumen come within range of the first major resistance level at $0.07260.
- The extended bearish trend remained firmly intact, with Stellar’s Lumen continuing to fall short of the 23.6% FIB of $0.1311.
Stellar’s Lumen Price Support
Stellar’s Lumen gained 2.16% on Monday. Following on from a 4.56% rally from Sunday, Stellar’s Lumen ended the day at $0.072116.
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A bearish start to the day saw Stellar’s Lumen fall to a mid-morning intraday low $0.07035 before finding support.
Stellar’s Lumen steered well clear of the first major support level at $0.06830 before rallying to a late morning high $0.0720.
Finding support from a broad-based crypto rally, Stellar’s Lumen came within range of the first major resistance level at $0.07260.
Cryptomarket forces weighed through the afternoon, however, with Stellar’s Lumen falling back to an afternoon low $0.07069.
Finding support from the broader market, Stellar’s Lumen rallied to an end of day intraday high $0.072116 to come within range of the first major resistance level at $0.0726 for a 2nd time.
The extended bearish trend remained firmly intact following 4 consecutive weeks in the red. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.1310 following a pullback from $0.13 levels in late June.
Since 13th May’s current year high $0.16176, Stellar’s Lumen has seen 9-weeks in the red, with just 4 weeks in the green…
The particularly bearish July and August led to a slide back from the 23.6% FIB of $0.1310.
For the bulls, a move back through to $0.14 levels would support a run at the 38.2% FIB of $0.1643 and a near-term bullish trend formation.
At the time of writing, Stellar’s Lumen was up by 0.16% to $0.072229. Stellar’s Lumen hit an early morning high $0.0724 before easing back to a low $0.072229.
Stellar’s Lumen came within range of the first major resistance level at $0.0727, whilst steering clear of the major support levels.
For the day ahead
Stellar’s Lumen would need to hold onto $0.0720 levels through the morning to support another run at the first major resistance level at $0.0727.
Support from the broader market would be needed, however, to hold onto $0.0720 levels.
Barring a broad-based crypto rebound, Stellar’s Lumen would likely continue to come up short of $0.0730 levels.
Failure to hold onto $0.0720 levels would see Stellar’s Lumen join the rest of the crypto majors in the red.
A fall through $0.0715 would bring the first major support level at $0.0709 into play before any recovery.
Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of sub-$0.069 levels.
The second major support level at $0.0698 would limit any downside in the event of a fall through to sub-$0.070 levels.
Looking at the Technical Indicators
Major Support Level: $0.07090
Major Resistance Level: $0.07270
23.6% FIB Retracement Level: $0.1310
38% FIB Retracement Level: $0.1643
62% FIB Retracement Level: $0.2180
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Thanks, Bob