- BEL surges by 18.56% in 24 hours due to buyer enthusiasm.
- Market cap and trading volume of BEL rise by 19.20% and 503.96%.
- Keltner channel bands suggest BELUSD may be overbought and due for a correction.
The Bella Protocol (BEL) has had a 24-hour bull run, with the price rising to a high of $0.8168 due to buyer enthusiasm. As of press time, the optimistic sentiment was still strong, resulting in an 18.56% increase to $0.7741.
During the upturn, BEL’s market capitalization and 24-hour trading volume increased by 19.20% and 503.96%, respectively, to $46,554,496 and $40,914,310. If the bullish force remains and surpasses the 0.7906 barrier, BEL bulls aim for 0.8282; if bearish pressure takes over, the support around 0.7417 could give stability.
BEL/USD 1-day price chart (source: CoinMarketCap)
Price Might Reach Overbought
On the BELUSD price chart, Keltner channel bands are bulging, with the top bar at 0.77217574 and the bottom bar at 0.64196162. This movement during the uptrend shows that the BELUSD price is volatile and may reach an overbought level.
The massive green candlestick above the top bar indicates that the market is bullish and buyers dominate the price movement.
The stochastic RSI score of 98.00 adds to the overbought feeling and, therefore, the necessity for traders and investors to remain careful. This level suggests that the asset is likely overpriced and may see a price correction soon, providing a purchasing opportunity for those wishing to join the market at a cheaper price point.
BEL/USD 4-hour price chart (source: TradingView)
In conclusion, BEL’s bullish run shows no signs of slowing down, but traders should remain cautious as overbought conditions may lead to a price correction.