It’s another bearish start to the week, following last week’s heavy losses, with the negative bias expected to pin Stellar’s Lumen back from any attempts at a bull run.
Stellar’s Lumen slid by 4.69% to end the day at $0.1129 on Tuesday, taking the current’s week’s deficit to 10.32%, with the bearish trend continuing into the early part of the week, following last week’s 23.3% reversal.
Through the early part of this week, the reversal has seen Stellar’s Lumen fall to a current week low $0.1123, holding well above the week’s major support level at $0.0963, with a start of the week high $0.1261 seeing Stellar’s Lumen fall considerably short of the week’s major resistance level at $0.1500.
With Stellar’s Lumen deep in the red for the current week, the bearish trend formed at late September’s swing hi $0.305 remained firmly intact, with Stellar’s Lumen continuing to fall well short of the 23.6% FIB of $0.1493, which sits alongside this week’s major resistance level.
For the remainder of the week, a move through the start of the week’s $0.1261 high to $0.129 levels would signal a possible shift in sentiment, bringing the 23.6% FIB Retracement Level of $0.1493 and the week’s major resistance level at $0.15 into play before any pullback.
Sentiment across the broader market will need to materially improve however for Stellar’s Lumen to break through to $0.14 levels later in the week and breakout from the 23.6% FIB, with selling pressure expected to limit the upside mid-week.
Failure to move back through the start of the week high $0.1261 could see Stellar’s Lumen pullback deeper into the red through the week, with a fall through the current week’s low $0.1123 bringing last week’s $0.1012 low and the week’s major support level at $0.0963 into play before any recovery.
At the time of writing, Stellar’s Lumen was up 0.33% to $0.1132.
[fx-image src=https://www.tradingview.com/x/6lDqnKxw/ originalWidth=761 ratio=1.39 data-zoom-target=https://www.tradingview.com/x/6lDqnKxw/][fx-article-ad]