- Bella Protocol is trading above a key trendline with higher lows, signaling early accumulation and potential for a major breakout.
- BEL’s long-term target of $5.12 reflects over 600 percent upside as the price structure shifts from consolidation to bullish momentum.
- Resistance at $1.20 and $1.50 remains crucial as BEL builds strength after a multi-year decline and extended sideways trading.
According to analyst Javon Marks, Bella Protocol (BEL) continues to attract attention as it trades near $0.71, following a prolonged accumulation phase. The price remains well above a historic descending trendline. This breakout positions BEL for a major rally toward its long-term target of $5.12. This target represents over 605% potential upside from current levels. Investors are closely watching for further signs of momentum as the setup develops.
The multi-year chart tells a compelling story of Bella Protocol’s journey since 2020. In early 2021, BEL surged past $9. However, it then began a sharp decline. The downturn carved out a parabolic retracement, dragging the price down through 2022. Lower highs and lower lows confirmed a strong bearish trend. During this period, the asset lost most of its bullish steam.
Consolidation Sets the Stage
By mid-2022, BEL entered a prolonged consolidation phase. Prices traded within a descending triangle that lasted into early 2023. Besides, a breakout from this triangle transitioned the asset into sideways action. From early 2023 to early 2024, BEL fluctuated between $0.50 and $1.20. This broad range showcased the market’s indecision.
In March 2024, BEL briefly spiked above $1.50. However, it quickly corrected, falling back into the previous range. The sharp rejection formed a temporary high. Consequently, volatility remained elevated, with frequent wicks on both ends of the candlesticks. Resistance held firm near $1.50, while support around $0.50 remained intact.
Accumulation and Structural Momentum
Since late 2022, BEL has shown signs of building higher lows. This pattern suggests an early accumulation phase. Moreover, the price now trades above an older resisting trendline. This shift in structure supports bullish potential in the long run. There is emotional cycles of investors—euphoria, capitulation, and renewed hope. While volume and indicators are absent, price action paints a clear picture. BEL must overcome resistance near $1.20 and $1.50 to confirm bullish continuation.
