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Stellar’s Lumen Technical Analysis – Resistance Levels in Play – 17/07/19

Key Highlights

  • Stellar’s Lumen slid by 9.71% on Tuesday. Following on from a 0.62% fall on Monday, Stellar’s Lumen ended the day at $0.07832.
  • An early morning intraday high $0.08735 saw Stellar’s Lumen fall short of the first major resistance level at $0.0883.
  • A late afternoon intraday low $0.07782 saw Stellar’s Lumen fall through the first major support level at $0.0820 and second major support level at $0.0787.
  • The extended bearish trend remained firmly with Stellar’s Lumen continuing to fall short of the 23.6% FIB of $0.1311.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen slid by 9.71% on Tuesday. Following on from a 0.62% fall on Monday, Stellar’s Lumen ended the day at $0.07832.

An early morning intraday high $0.08735 was the only bullish move of the day. Falling short of the first major resistance level at $0.0883, Stellar’s Lumen slid to a late afternoon intraday low $0.07782.

The sell-off saw Stellar’s Lumen fall through the first major support level at $0.0820 and second major support level at $0.0787.

Finding support late in the day, Stellar’s Lumen managed to recover to $0.080 levels before easing back.

The extended bearish trend remained firmly intact. Stellar’s Lumen continued to short of the 23.6% FIB of $0.1310 following a pullback from $0.13 levels in late June.

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 1.78% to $0.07972. A bearish start to the day saw Stellar’s Lumen fall to a morning low $0.076587 before finding support.

Steering clear of the first major support level at $0.0750, Stellar’s Lumen rose to a morning high $0.080167.

In spite of the recovery, Stellar’s Lumen came up short of the first major resistance level at $0.0845 early on.

XLM/USD 17/07/19 Daily Chart

For the day ahead

A move back through to $0.0810 levels would support another run at the first major resistance level at $0.0845

Stellar’s Lumen would need the support of the broader market, however, to break back through to $0.080 levels.

In the event of an extended crypto rally, Stellar’s Lumen Tuesday’s high $0.08735 would likely limit any upside on the day.

Failure to move back through to $0.0810 levels could see Stellar’s Lumen give up the morning gain. A fall through the morning low $0.076587 would bring the first major support level at $0.0750 into play.

Barring another crypto meltdown, however, Stellar’s Lumen should steer well clear of the second major support level at $0.0716.

Looking at the Technical Indicators

Major Support Level: $0.0.0750

Major Resistance Level: $0.08450

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