Bella Protocol Shows Strength, Can Bulls Break A Key Resistance?

  • BEL Price creates bullish sentiment more than the daily 50 EMA. 
  • BEL appears more stable after bulls break out of a downward triangle
  • BEL prices could see major resistance above $1 

Bella Protocol’s (BEL) year started with a rough start. The company failed to live up the hype. The price of tether (USDT) has turned bullish recently, so this can be put aside. Bella Protocol, (BEL), has witnessed more bearish trends than upsides in the market. The price is struggling to regain its bullish structure, and each time failing to do so. Altcoins have also suffered from Bitcoin’s (BTC) fall to $18,700. Data from Binance

Bella Protocol (BEL), Price Analysis on The Weekly Chart

The cryptocurrency market hasn’t had the best price movement in recent times, but that doesn’t mean that some crypto assets haven’t shown great strength in bouncing from their lows and breaking out of their downtrends to establish bullish momentum.

Although there has been less price movement over the past weeks, BEL’s price traded below $0.67 which is the resistance level that prevents a rally.

BEL finished the week with a bullish outlook. The bulls helped push the price past resistance at $0.67. This set up an even bullisher price movement in the future week.

BEL prices are being held at 0.65. It is not trending up. BEL’s price has been previously affected by the Federal Open Market Committee and the Consumer Price Index (CPI). BEL’s price response has been positive after it broke out of the downtrend.

BEL’s price must rise above $1 to allow the price to move to higher regions with stronger bullish sentiments. LIT prices could also be rejected in this area, which would lead to the price testing support zones of $0.75.

Weekly resistance for the price of BEL – $1.

Weekly support for the price of BEL – $0.75.

BEL Price Analysis on the Daily (1D), Chart

Source: BELUSDT on| Source: BELUSDT On

The daily price of BEL looks bullish after breaking out of the descending triangle that it traded in. It has been trading in several downward trends, and now faces resistance at $0.65.

BEL’s price is $0.63 less than that of the Exponential Moving Averages 50 to 200 (EMA). The daily prices for BEL are $0.65 and $1.

Daily resistance for the BEL price – $1.

Daily support for the BEL price – $0.65-0.75.

Featured Image from zipmex. Charts by Tradingview 

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