Bella Protocol Technical Analysis: BEL Firm above $0.80
Past Performance of the Bella Protocol
Bella Protocol token price performance has been exemplary in the few weeks. Even as the broader crypto markets posted lower lows from early May, BEL coin prices were firm. For perspective, BEL token prices added nearly 10X from mid-May to early June, peaking at $2.3. Currently, the coin is up six percent on the last trading day, trading below the middle BB.
Bella Protocol Technical Analysis
From the daily chart, buyers are in control. After a 10X surge, prices are cooling off, trading below the middle BB. However, the rejection of lower is a net positive. In the days ahead, how prices react at $0.80, or June 17 lows, and $1 will determine the medium-term trajectory. Ideally, risk-averse traders can wait for a break out in either direction. A high volume close above $1 and the middle BB may see BEL token prices surge to $2.3 and June 2022 highs in a buy trend continuation pattern. On the flip side, losses below $0.80 will confirm losses of June 16, fanning a sell-off towards $0.40.
What to Expect from BEL?
From the daily chart, buyers are in control. Nonetheless, confirmation of the June 16 breakout below the middle BB may pan out negatively for BEL bulls.
