- Stellar Lumens price gained 1.46% on Monday, partially reversing Sunday’s 1.95% loss, to end the day at $0.37185.
- An early intraday low $0.36172 held above the day’s first major support level of $0.3562 and 23.6% FIB Retracement Level of $0.3523.
- Monday’s intraday high $0.37514 failed to test the day’s first major resistance level of $0.3820, with Stellar’s Lumen range-bound through the day.
Stellar’s Lumen Price Resistance
Stellar’s Lumen rose by 1.46% on Monday, partially reversing Sunday’s 1.95% loss, to end the day at $0.37185.
In stark contrast to recent weeks, moves through the day were range bound by Stellar Lumen standards, the day’s $0.36172 low and $0.37514 high leaving the major support and resistance levels untested, while some of the other majors were seen moving through resistance levels through the morning.
While the moves through the day were lackluster in comparison to some of Stellar Lumen’s peers, the bullish trend formed at 6th April’s swing lo $0.18567 remains intact in spite of Stellar’s Lumen having failed to break back through to $0.40 levels since the weekend’s $0.40384 swing hi.
For Stellar’s Lumen to hold on to its 8th position in the market cap rankings, a move is going to have to come sooner rather than later, with some of its peers continuing to make sizeable gains, cryptocurrency investors quick to move into alternative cryptocurrencies in search of a big rally, something that Bitcoin Cash is doing for many investors at present.
See also: XLM Live Informations
At the time of writing, Stellar’s Lumen was up 4.34% to $0.38794, with the morning’s surge in appetite leaving few cryptocurrencies behind.
A start of a day jump saw Stellar’s Lumen hit $0.384, breaking through the day’s first major resistance level of $0.3774 and second resistance level of $0.383, before hitting a morning high $0.39054 to come within reach of the day’s third resistance level of $0.3964 and more importantly, $0.40 levels.
For the day ahead, while Stellar’s Lumen may face plenty of resistance at the third resistance level, market sentiment through the second half of the day should see a move through to $0.40 levels to support the bull trend formed back on 6th April.
Failure to break through the day’s third resistance level could see Stellar’s Lumen ease back later in the day, with the more cautious investor looking to lock in profits should the rally stall, any pullback through to the day’s first major resistance level, likely to bring the first major support level of $0.364 into play.
As things stand, the path of least resistance looks northwards, though with the bull trend having given Stellar’s Lumen a 100% gain since 6th April’s start of the current bull trend, locking in profits and looking for the next dip wouldn’t be unreasonable, the only consideration for the more cautious being that the current run is drawing in more investors that had been sitting on the sidelines through the 1st quarter.
Looking at the Technical Indicators
- Major Support Level: $0.3640
- Major Resistance Level: $0.3774
- Fib 23.6% Retracement Level: $0.3523
- Fib 38% Retracement Level: $0.3205
- Fib 62% Retracement Level: $0.2690