Key Highlights

  • Stellar’s Lumen fell by 1.26% on Tuesday. Following on from a 2.38% slide on Monday, Stellar’s Lumen ended the day at $0.07820.
  • An early afternoon intraday high $0.07939 saw Stellar’s Lumen fall short of the first major resistance level at $0.0810 before hitting reverse.
  • A late afternoon intraday low and new swing lo $0.07731 saw Stellar’s Lumen slide through the day’s first major support level at $0.0783 to call on support at the second major support level at $0.0774.
  • The bearish trend remained intact after a 4th consecutive day in the red. Stellar’s Lumen continues to fall short of the 23.6% FIB Retracement Level of 0.1369, following the day’s new swing lo $0.07731.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen fell by 1.26% on Tuesday, following on from a 2.38% slide on Monday. The reversal left Stellar’s Lumen down at $0.0782 at the day’s end.

Tracking the broader market through the first half of the day, Stellar’s Lumen rose to an early afternoon intraday high $0.07939 before hitting reverse. Falling short of the first major resistance level at $0.0810, Stellar’s Lumen fell to a late afternoon intraday low and new swing lo $0.07731 before finding support.

The reversal saw Stellar’s Lumen fall through the first major support level at $0.0783 to call on support at the second major support level at $0.0774 to limit the losses on the day.

Following this week’s sell-off and new swing lo $0.07731, the extended bearish trend was reaffirmed. Stellar’s Lumen continues to fall well short of the 23.6% FIB Retracement Level of $0.1369. For the bulls, the late September swing hi $0.305 remains an even more distant bull target.

At the time of writing, Stellar’s Lumen was down by 4.08% to $0.07502. A particularly bearish start to the day saw Stellar’s Lumen slide from $0.07824 to a morning low and new swing lo $0.0743 before finding support. The sell-off saw Stellar’s Lumen fall through the first major support level at $0.0772 and second major support level at $0.0762 to call on support at the third major support level at $0.0741.

For the day ahead, a move back through the second major support level would support a recovery of the morning losses. A move through the morning high would be needed to bring the day’s first major resistance level at $0.0793 into play, while Stellar’s Lumen will likely continue to fall short of $0.080 levels in the event of a rebound.

Failure to move back through the second major support level could see Stellar’s Lumen remain deep in the red through the day. A pullback through the third major support level at $0.0741 could bring sub-$0.070 levels into play near-term.

Direction through the remainder of the day will likely come from Litecoin, which has also taken a hit to reverse recent gains.

Looking at the Technical Indicators

Major Support Level: $0.0772

Major Resistance Level: $0.0793

Fib 23.6% Retracement Level: $0.1310

Fib 38% Retracement Level: $0.1643

Fib 62% Retracement Level: $0.2180

(Excerpt) Read more Here | 2019-02-06 05:22:45
Image credit: source

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