Bella Protocol Shows Strength, Can Bulls Break A Key Resistance?
- BEL price creates more bullish sentiment as price struggles to break and hold above the daily 50 EMA
- BEL looks more stable as bulls breakout of a descending triangle
- The price of BEL could face major resistance at $1
Bella Protocol (BEL) had a rocky start to the year, failing to live up to its initial hype. However, this could be set aside as the price has recently turned bullish against tether (USDT). Bella Protocol (BEL) has seen more of a downtrend than an upside in the bear market, with the price struggling to regain the bullish structure and failing each time, with Bitcoin (BTC) falling to a region of $18,700, affecting the price of altcoins. (Data from Binance)
Bella Protocol (BEL) Price Analysis On The Weekly ChartThe 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.
Despite showing less price movement in recent weeks, the price of BEL has continued to trade below the key resistance level of $0.67, preventing a rally to new highs.
The price of BEL ended the week looking more bullish as bulls pushed the price to break the resistance at $0.67, setting up a more bullish price movement for the price of BEL in the coming week.
The price of BEL is being rejected near $0.65, preventing it from trending higher. The price of BEL has previously been affected by news from the Consumer Price Index (CPI) and the Federal Open Market Committee (FOMC). BEL price has responded positively after breaking out of its downtrend price movement.
The price of BEL needs to break and hold above $1 for the price to rally to a higher region with more bullish sentiments; if the price of LIT gets rejected from this region, we could see the price retesting a region of $0.75 acting as good support zones.
Weekly resistance for the price of BEL – $1.
Weekly support for the price of BEL – $0.75.
Price Analysis Of BEL On The Daily (1D) Chart Daily BEL Price Chart | Source: BELUSDT On Tradingview.comOn the daily timeframe, the price of BEL continues to look bullish as it breaks out of a descending triangle after trading in a range of downward trends and faces resistance at $0.65 to trend higher.
The price of BEL is $0.63 lower than the 50 and 200 Exponential Moving Averages (EMA). On the daily timeframe, the prices of $0.65 and $1 correspond to the prices at the 50 and 200 EMA for BEL.
Daily resistance for the BEL price – $1.
Daily support for the BEL price – $0.65-0.75.
Featured Image From zipmex, Charts From TradingviewRead more: https://www.newsbtc.com/analysis/bella-protocol-shows-strength-can-bulls-break-a-key-resistance/
Text source: NewsBTC
