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BEL Breaks Out Above $1, Could Increase All the Way to $3

2 mins
Updated by Ryan Smith
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In Brief

  • BEL is trading above support at $1.49.
  • It has broken out from a descending resistance line.
  • Daily and short-term technical indicators are bullish.
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The Bella Protocol (BEL) price has broken out from a descending resistance line and reclaimed an important resistance area.

BEL is currently retesting this support level, and if successful, it should continue moving higher, possibly towards $3.10.

Breakout and Pump

BEL had been following a descending resistance line since Oct. 3, 2020. It made three unsuccessful attempts to move above it before finally breaking out on Jan. 17, 2021.

Afterward, it validated the line as support (shown with the green arrow) before moving upwards and reclaiming the $1.49 resistance area. Currently, it’s in the process of validating this line as support.

Technical indicators are bullish, supporting the continuation of the upward move.

Breakout
Chart By TradingView

Cryptocurrency trader @Crypto_Off outlined a BEL chart that shows a breakout and retest above a descending resistance line. He expects the price to continue moving higher.

Breakout
Source: Twitter

Since the tweet, BEL has validated the support line and reclaimed the next horizontal resistance. As outlined above, it’s currently in the process of retesting the previous resistance at $1.49 and validating it as support.

If BEL continues to move upwards, the next closest resistance area would be at $3.10, the 0.5 Fib retracement level of the entire downward move.

Breakout
Chart By TradingView

Short-Term Movement

The shorter-term chart shows that BEL is trading just above the $1.57 area, which has now likely turned to support.

Furthermore, there is some bullish divergence in the RSI, indicating a possible bullish trend reversal.

If BEL were to break out above the current descending resistance line, it would confirm that the short-term trend has turned bullish once more and will likely move towards the $3.10 target.

BEL Short-Term
Chart By TradingView

BEL’s Wave Count

The wave count suggests that BEL is in wave 3 of a bullish impulse, which began on Nov. 2019 (white). A likely target for the top of this wave is at $2.25, which would give waves 1 to 3 a 1:1.61 ratio.

Afterward, the entire bullish impulse could end near the previous $3.10 resistance area.

BEL Wave Count
Chart By TradingView

Conclusion

To conclude, BEL seems to be retesting the previous breakout level, and if it successfully validates it as support, it’s likely to continue increasing towards $2.25 and possibly $3.10.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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