The Bella Protocol price went parabolic on Monday as demand for the new coin rose. The BEL token is trading at $1, which was the highest level since April 4th, 2022. This price was about 377% above the lowest level this month. Its market cap has moved to about $46 million, making it a top 500 cryptocurrency. However, BEL remains about 98% below its all-time high.
Bella Protocol is a DeFi platform that is backed by leading venture capital companies like Arrington Capital, Binance, Ledger Capital, HBTC Labs, and Tensor Ventures, among others. It was launched in 2021 through Binance’s Launchpool, whose private sale token price was about $0.75. The platform has features that make DeFi banking better. However, it is a relatively small platform with over $16.32 million in TVL.
For example, its Flex Savings account makes it possible for people to deposit and earn interest in leading stablecoins like USDT, USDC, ARPA, and WBTC. Earlier this month, following the collapse of Terra, the developers decided to cease its BEL liquidity for several pools like BEL/USDT, BEL/ETH, and ARPA/USDT on Uniswap V2. Instead, it referred its users to Bella Locker. The Bella Protocol price is rising after the completion of the seventh round of BEL airdrop for ARPA holders. The new round will start today, July 31st.
The four-hour chart shows that the BEL price went parabolic on Monday morning. As it rose, the coin managed to move above the important resistance level at $0.9820, which was the lowest level on July 30th. In addition, the coin managed to move above the 25-day and 50-day moving averages while the Relative Strength Index moved above the overbought level.
In my view, the strong performance of the Bella Protocol price is not sustainable, and the price will likely have a major pullback to about $0.07. On the other hand, a move above the resistance at $1.2 will invalidate the bearish view.
This post was last modified on May 30, 2022, 09:42 BST 09:42