Stellar’s Lumen Technical Analysis – Support Tested – 30/03/18

Key Highlights

• Stellar’s Lumen slid 13.98% on Thursday, following Wednesday’s 2.2% gain to continue the bearish trend.
• An intraday low $0.18254 fell through the day’s support levels, as the cryptomarket went into a sharp decline.
• Major resistance levels were left untested through the day, affirming the bearish trend formed at 20^th March’s swing hi $0.28182.

How to Buy Stellar Lumens: The Complete Guide

Stellar’s Lumen Price Support

Stellar’s Lumen joined the rest of the cryptomarket majors in steep decline on Thursday, with Stellar’s Lumen sliding 13.98% to an end of day $0.18875, more than reversing Wednesday’s 2.2% gain, resuming the bearish trend formed at a swing hi $0.28182 back on 20^th March.

The negative sentiment hitting the broader market, left Stellar’s Lumen with little support through the day, Stellar’s Lumen falling through the day’s 1^st major support level of $0.21084 and 2^nd support level of $0.20216 before support kicked in at the day’s 3^rd support level of $0.18542.

An intraday high $0.22125 fell short of the day’s major resistance level of $0.2276 and 23.6% FIB Retracement Level of $0.2271, supporting the continuing bearish trend, Wednesday’s uptick doing little to shift investor sentiment through the middle of the week.

Concerns over the regulatory outlook has certainly taken its toll on the cryptomarkets and Stellar’s Lumen has taken as much of a hit as its peers, though some saw steeper declines on Thursday’s sell-off, investors unable to shake off the negative sentiment that has gripped the market for more than a week.

The only good news for Stellar investors was a move back through the day’s 3^rd support level of $0.18542 by the day’s end, though this would have been of little consolation when considering the 35% slide from the swing hi $0.28182 to Thursday’s swing lo $0.18254.

At the time of writing, Stellar’s Luman was down 1.31% to $0.18657, with the start of the day being a particularly volatile one, as Thursday slide continued through to the early hours of Friday.

A start of the day intraday low $0.17007 tested the day’s first major support level of $0.17378, while a morning high $0.19417, just a few hours later, fell short of the day’s first major resistance level of $0.21249, the bearish trend firmly intact through the morning, as investors continued to pullout following Thursday’s tumble.

For the day ahead, a move through to the morning’s $0.19417 high would support a run at the day’s 23.6% FIB Retracement Level of $0.206, with sentiment across the broader market likely to dictate whether Stellar’s Lumen can test the day’s first major resistance level.

With sentiment across the cryptomarket mixed at the time of writing, Bitcoin down 0.55%, while Bitcoin Cash is up 4.46%, the upside seen in Bitcoin Cash and some of the other front runners will likely provide some much needed support to Stellar’s Lumen, a move back through to $0.20 levels key.

The pickup in volatility will test investors later in the day however, with any gains quite possibly likely to reverse ahead of the weekend.

Looking at the Technical Indicators

Major Support Level: $0.17378

Major Resistance Level: $0.21249

Fib 23.6% Retracement Level: $0.206

Fib 38% Retracement Level: $0.2205

Fib 62% Retracement Level: $0.2439