Rarible and Bella Protocol prices are slippery, likely to fall. BEL may slide to $1.1, while RARI could be open for $15 if bulls don't flow back.
The Rarible platform is a community-led marketplace for NFTs using RARI for general governance.
It has been a tough first half of September for RARI crypto as per the RARI technical analysis in the daily chart.
The RARI token is up three percent versus the greenback despite bears pressing the sell pedal in a shifting trend when writing.
The RARI coin is bearish as per the candlestick arrangement in the daily chart.
However, from a top-down approach, buyers are in control.
The short-term trend, for now, depends on the reaction at $15—if RARI token slides in a retest.
A double-bar bullish reversal pattern away from the lower BB would arrest the lower lows, a basis for price expansion.
The RARI coin is still under pressure at the time of writing.
Since the underlying sell momentum is strong as RARI bear bars band along the lower BB, every pullback may be a selling opportunity. Traders are now targeting $15 in the lower end.
Even so, a snapback above $22 would reinvigorate demand, thrusting RARI towards $40.
The Arrington XRP Capital and Ledger Capital-funded DeFi project, Bella Protocol, built by ARPA utilizes BEL to meet its governance needs.
The BEL token is stable at the time of writing.
As per the BEL technical analysis in the daily chart, the BEL crypto is up two percent versus the USD but weak.
The path of the least resistance for the Bella Protocol coin is southwards from a volume analysis perspective.
At present, BEL token buyers are yet to unwind the losses of September 7.
Instead, BEL coin prices are now consolidating as prices print higher highs away from the lower BB.
BEL token surges above $3 could likely trigger another wave of demand.
Technically, BEL token prices are under pressure and relatively weak.
In consolidation, sellers are in a commanding position.
If BEL cracks below $1.7, the token would probably dump to $1.1—the 78.6 percent Fibonacci retracement level of the July to September 2021 trade range.
Being optimistic, unexpected surges above $3 may see BEL float to May 2021 highs of around $4.3.