Stellar’s Lumen Technical Analysis – Support Levels in Play – 28/03/19
Key Highlights
- Stellar’s Lumen rallied by 5.81% on Wednesday. Following on from a 2.77% rise on Tuesday, Stellar’s Lumen ended the day at $0.10974.
- A start of a day intraday low $0.10371 saw Stellar’s Lumen steer clear of the first major support level at 0.1001.
- An early morning intraday high $0.11167 saw Stellar’s Lumen break through the first major resistance level at $0.1063 and second major resistance level at $0.1089.
- The bearish trend remained firmly intact in spite of solid gains since February. Stellar’s Lumen continued to fall short of the 23.6% FIB Retracement Level of 0.1369, following 6th February’s new swing lo $0.07731.
Stellar’s Lumen Price Support
Stellar’s Lumen rallied by 5.81% on Wednesday. Following on from a 2.77% gain from Tuesday, Stellar’s Lumen ended the day at $0.10974.
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Bullish from the start of the day, Stellar’s Lumen rallied from a start of a day intraday low $0.10371 to an intraday high $0.11167.
The moves through the early hours saw Stellar’s Lumen break through the first major resistance level at $0.1063 and second major resistance level at $0.1089.
Stellar’s Lumen pulled back to $0.1050 levels in the late morning before finding support from the broader market. A broad-based crypto rally supported a move back through to $0.1090 levels late in the day.
The extended bearish trend remained intact, in spite of 4 weeks in the green out of the last 5. Stellar’s Lumen continued to fall well short of the 23.6% FIB Retracement Level of $0.1310.
For the bulls, the losses for the current year sit at 2.99%. A 4-consecutive week rally came to an end last week, with Stellar’s Lumen falling by 4.57%. A 2nd consecutive day in the green this week brings Stellar’s Lumen back to within range of the 23.6% FIB of $0.1310.
At the time of writing, Stellar’s Lumen was 1.23% to $0.10839. An early pullback saw Stellar’s Lumen fall to a morning low $0.10813 before finding support. Steering clear of the first major support level at $0.1051, Stellar’s Lumen recovered to $0.10899 before sliding back.
In spite of the reversal, Stellar’s Lumen continued to steer clear of the first major support level at $0.1051.
A start of a day morning high $0.10904 saw Stellar’s Lumen come up short of the first major resistance level at $0.1130.
For the day ahead,
A move back through the morning high $0.10904 would support a run at $0.11 levels and the first major resistance level at $0.1130. Support from the broader market would be needed, however, for a breakout to $0.113 levels. Wednesday’s high $0.11167 would likely pin Stellar’s Lumen back from a move through to $0.12 levels.
Failure to move back through the morning high $0.10904 could see Stellar’s Lumen struggle through the day. A pullback through the morning low $0.10813 would bring $0.1060 levels into play before any recovery. Barring a continued sell-off across the broader market, we would expect Stellar’s Lumen to steer clear of the first major support level at $0.1051.
Looking at the Technical Indicators
Major Support Level: $0.1051
Major Resistance Level: $0.1130
23.6% FIB Retracement Level: $0.1310
38% FIB Retracement Level: $0.1643
62% FIB Retracement Level: $0.2180