Chart of the day - STELLAR (29.01.2021)

Stellar is one of the best performing cryptocurrencies today. The coin is trading over 13% above yesterday's close and is attempting a break above an important resistance zone. The zone ranges between 0.3100 mark and 61.8% retracement of the downward move started in early-January and has been limiting upward moves throughout the month. However, the first attempt of breaking above has failed and the coin painted a long, upper wick. This could hint that bulls are running out of steam and reversal may be looming. If this is the case, the first important support zone can be found at 38.2% retracement (0.2740 area).

Source: xStation5

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