BEL is trading in an uptrend, like many other Altcoins. The cryptocurrency BEL just went up +78% in a single day by breaking a falling wedge pattern with strong buying volume on multiple exchanges and surges over +125% in a week.
What is Bella Protocol?
Bella Protocol BEL is a platform that provides a suite of DeFi products designed to make crypto banking simpler and more accessible. The protocol aims to create a better user experience by eliminating the high fee and slow transaction issues that can affect some blockchain platforms, while simultaneously improving the user experience through its simplified DeFi smart portal.
Bella’s smart pool feature allows users to access the best yields available in the DeFi market while benefiting from nearly zero gas fees, since these are directly subsidised by the platform. BEL can be used to farm fee rewards from the network, get exclusive discounts on Bella protocol products (such as its robo-advisor tool), and for earning staking rewards.
BEL Price Analysis
At the time of writing, BEL is ranked the 316th cryptocurrency globally and the current price is A$4.37. Let’s take a look at the chart below for price analysis:
After looking at the above 1-Day candle chart, we can clearly see that BEL was trading inside the falling wedge pattern on the BEL/USDT pair. The first resistance was on the A$3.82 price level, which BEL broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$4.55. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, BEL may continue to increase in the uptrend if traders keep buying with high volume.
“The falling wedge pattern is characterised by a chart pattern which forms when the market makes lower lows and lower highs with a contracting range. When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam.”
What Do the Technical Indicators Say?
The BEL TradingView indicators (on the 1-day) mainly indicate BEL as a Strong Buy, except the Oscillators which indicate BEL as a Neutral.
So Why Did BEL Breakout?
General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying BEL for the coming Altcoins rally. Recent news was also announced regarding the Bella Foundation 20M USD venture fund.
Where to Buy or Trade BEL?
BEL has the highest liquidity on Binance Exchange so that would help for trading BEL/BTC or BEL/USDT pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
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