Stellar’s Lumen Technical Analysis – Eyeing Resistance Levels

Stellar’s Lumen Technical Analysis – Eyeing Resistance Levels – 02/10/18

Bob Mason

Updated Mon, Oct 1, 2018, 9:52 PM

Key Highlights

Stellar’s Lumen fell by 0.8% on Monday, partially reversing Sunday’s 2.37% rise, to end the day at $0.25896.
Recovering from an early dip, Stellar’s Lumen hit a late morning intraday high $0.2648 before hitting reverse, the day’s major resistance levels left untested.
Stellar’s Lumen fell through the first major support level at $0.2529 to an early afternoon intraday low $0.25093, before recovering.
Support at the 38.2% FIB Retracement Level of $0.258 kicked in to reaffirm the near-term bullish trend formed at 23^rd September’s swing hi $0.305.

Stellar’s Lumen Price Resistance

Stellar’s Lumen slipped by 0.8% on Monday, partially reversing Sunday’s 2.37% gain, to end the day at $0.25896.

It was a particularly volatile day for Stellar’s Lumen going into the quarter, with Stellar’s Lumen recovering from a morning low $0.25801 to a late morning intraday high $0.2648 before coming under pressure from the broader market, the early moves leaving the day’s major support and resistance levels untested.

Tracking the broader market, a late morning sell-off saw Stellar’s Lumen slide through the day’s first major support level at $0.2529 to an early afternoon intraday low $0.25093 before finding support, Stellar’s Lumen managing to avoid $0.24 levels and the day’s second major support level at $0.2448.

Stellar’s Lumen recovered to a late afternoon high $0.26085, but was unable to hold to $0.26 levels by the day’s end, leaving the first major resistance level at $0.2671 untested on the day.

For the bulls, recovering back through the 38.2% FIB Retracement Level of $0.258 continued to support the near-term bullish trend, Stellar’s Lumen having fallen back from 23^rd August’s swing hi $0.305 to call on support at the 62% FIB Retracement Level of $0.2289 last week.

At the time of writing, Stellar’s Lumen was up 0.99% to $0.25992, moves through the early morning seeing Stellar’s Lumen recover from a morning low $0.25713 to a morning high $0.26059, breaking back through the 38.2% FIB Retracement Level of $0.258, while coming up short of the first major resistance level at $0.2655.

For the day ahead, a move back through to $0.26 levels would support another run at the first major resistance level at $0.2655, with $0.27 levels in play later in the day should momentum continue to support Stellar’s Lumen through to the day’s end.

Failure to move back through to $0.26 levels could see Stellar’s Lumen give up the morning gains, with any fallback through the 38.2% FIB Retracement Level of $0.258 likely to see Stellar’s Lumen test the day’s first major support level at $0.2517 before any recovery, sub-$0.25 support levels unlikely tested, barring particularly negative news hitting the wires.