<strong><em>BEL price action increases buying pressure as the post-retest reversal prepares to break above the psychological barrier of $1.</em></strong>

Key technical points:
<ul>
 	<li>The BEL market value increased by 24.65% today at press time.</li>
 	<li>The buyers attempt to surpass the $1 barrier.</li>
 	<li>The 24-hour trading volume of Bella Protocol is $79.30 Million, indicating a hike of 6.61%.</li>
</ul>
<h2><strong>Past Performance of BEL</strong></h2>
The bullish failure to sustain above the 100-day EMA and the $11.18 support level led to an 80% dip in market value resulting in the fallout of $1 and taking took support at the $0.20 mark. However, the downtrend took marked April blood red and showcased a diagonal rise in almost the entire May, but the buyers took the trend control at month-end, resulting in a reversal. The bullish reversal broke above $1 with a 250% price jump within three days, but the resistance at 200-day EMA influenced the retest of $0.72.

<img src="https://s3.tradingview.com/snapshots/x/xIJt4LII.png" alt="TradingView Chart" />

<strong>Source-</strong> <a href="https://www.tradingview.com/x/xIJt4LII/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>BEL Technical Analysis</h2>
BEL/USD price chart shows a post-retest rally starting from the $0.72 mark resulting in a bullish engulfing candlestick of 27% at press time. Moreover,  a surge in buying pressure is evidently apparent by the growth in intraday trading volume, increasing the likelihood of an uptrend reaching $1. The RSI slope shows a sharp reversal after the dip into the nearly overbought zone and rises higher to reclaim the overbought title. Moreover, the 14-day SMA lines cross above the halfway line displaying a solid underlying bullishness.

The MACD indicator shows a bullish spark in the fast and slow lines as they attempt to sustain the rally above the zero line. Furthermore, the intensity of bullish histograms resurges after the post-retest reversal reflecting the recharged bullish powers. In a nutshell, BEL technical analysis displays a high possibility of a post-retest rally crossing $1.
<h2>Upcoming Trend</h2>
The $1 breakout will unleash the trapped bullish momentum and mark a breakout entry spot in the BEL price chart. The buyers can expect the breakout rally to reach the next resistance level at $1.18. On the other hand, a reversal from the 200-day EMA would reverse the bullish rally to $0.72.

<strong>Resistance Levels:</strong> $1 and $1.18

<strong>Support Levels:</strong> $0.72 and $0.50

&nbsp;

BEL Technical Analysis: Retest Phase Teases $1 Breakout

BEL Technical Analysis increases buying pressure as the post-retest reversal prepares to break above the psychological barrier of $1.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

BEL Technical Analysis: Retest Phase Teases $1 Breakout

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