Bella Protocol Shows Its Strength, Can Bulls Break A Major Resistance?

• BEL price creates more bullish sentiment as price struggles to break and hold above the daily 50 EMA
• BEL looks more stable with the bulls breaking through the descending triangle
• BEL price may face significant resistance at $1

Bella Protocol (BEL) had a rough start to the year, failing to live up to the initial hype. However, this can be set aside because the price has recently turned bullish against the Tether (USDT). The Bella Protocol (BEL) has seen more downside than upside in a bear market, as the price struggles to regain the bullish structure and fails every time, with Bitcoin (BTC) dropping to the $18,700 region, affecting the price of altcoins. (data from Binance)

Bella Protocol (BEL) price analysis on the weekly chart

The cryptocurrency market hasn’t had the best price action lately, but that doesn’t mean that some crypto assets haven’t shown much strength in rebounding from their lows and out of downtrends to establish bullish momentum.

Despite showing less price action in recent weeks, BEL price continued to trade below the key resistance level of $0.67, preventing a rally to new highs.

BEL price ended the week in a more bullish trend as the bulls pushed the price to break the resistance at $0.67, which triggered more bullish price action for BEL price next week.

BEL price declined near $0.65, preventing it from heading higher. Previously the price of BEL was affected by news from the Consumer Price Index (CPI) and the Federal Open Market Committee (FOMC). BEL price responded positively after exiting the price action in a downtrend.

BEL price needs to breakout and hold above $1 in order for the price to move up to a higher area with more bullish sentiments; If the LIT price is rejected from this area, we can see the price retest the $0.75 area as good support.

BEL price weekly resistance – $1.

Weekly support for BEL price – $0.75.

BEL price analysis on the daily chart (1D)

On the daily time frame, BEL price continues to appear to the upside as it breaks through the descending triangle after trading in a range of bearish trends and faces resistance at $0.65 for the upside move.

BEL price is $0.63 below the 50 and 200 exponential moving averages (EMA). On the daily time frame, the $0.65 and $1 prices correspond to the prices at the 50 and 200 EMAs for BEL.

BEL price daily resistance – $1.

BEL price daily support – $0.65-0.75.

Featured Image From zipmex, Charts From Tradingview 

from San Jose News Bulletin https://sjnewsbulletin.com/bella-protocol-shows-its-strength-can-bulls-break-a-major-resistance/