Key Highlights
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Stellar’s Lumen gained 2.14% on Sunday. Following on from a 1.49 rise from Saturday, Stellar’s Lumen ended the day at $0.11909.
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A mid-morning intraday low $0.11417 saw Stellar’s Lumen steer clear of the first major support level at 0.1136.
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A late in the day intraday high $0.11963 saw Stellar’s Lumen break through the first major resistance level at $0.1182.
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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.
Stellar’s Lumen Price Resistance
Stellar’s Lumen rose by 2.14% on Sunday. Following on from a 1.49% gain from Saturday, Stellar’s Lumen ended the week down 12.2% at $0.11909.
Tracking the broader market, Stellar’s Lumen fell to a mid-morning intraday low $0.11417 before recovering.
Holding above the first major support level at $0.1136, Stellar’s Lumen recovered to $0.116 levels ahead of an afternoon rally.
Finding support throughout the afternoon, Stellar’s Lumen rallied to a late intraday high $0.11963 before easing back. The rally saw Stellar’s Lumen break through the first major resistance level at $0.1182. Resistance from the second major resistance level at $0.1202 capped the upside on the day.
The extended bearish trend remained intact, in spite of 6 weeks in the green out of the last 8. Stellar’s Lumen failed to break back through the 23.6% FIB Retracement Level of $0.1310 to take a run at the 38.2% FIB of $0.1643.
For the bulls, the pullback through the 23.6% FIB Retracement level of $0.1310 at the start of the week did the damage. Thursday’s sell-off saw Stellar’s Lumen avoid sub-$0.110 levels, however, leading to 3 consecutive days in the green to reduce the losses for the week.
At the time of writing, Stellar’s Lumen was up 0.54% to $0.11973. A bullish start to the day saw Stellar’s Lumen rise from a morning low $0.11843 to a high $0.12005 before easing back. Holding above the major support levels, Stellar’s Lumen came within range of the first major resistance level at $0.1211.
For the day ahead,
A hold onto $0.1190 levels would support another run at the first major resistance level at $0.1211 later in the day. Support from the broader market would be needed, however, for Stellar’s Lumen to take a run at the second major resistance level at $0.1231.
Barring a crypto rally, we would expect the first major resistance level at $0.1211 to limit the upside on the day.