Market Overview for Bella Protocol/Tether (BELUSDT) – 24-Hour Summary as of 2025-09-23

• BELUSDT declined from 0.2387 to 0.2366 amid a broad 15-minute downtrend, closing near the session low.
• Strongest bearish pressure occurred between 20:00–01:00 ET, with a 1.5% drop during the 2025-09-22 20:00–20:15 candle.
• Volume spiked at 0.2355–0.236 level, suggesting short-term support; RSI near 30 suggests oversold conditions.
• Price has remained below 20-period and 50-period SMAs, signaling bearish bias on shorter timeframes.
• Bollinger Bands show moderate contraction post-09:00 ET, indicating potential for increased volatility.

Bella Protocol/Tether (BELUSDT) opened at 0.2377 on 2025-09-22 at 12:00 ET, reached a high of 0.2387, and closed at 0.2366 on 2025-09-23 at 12:00 ET. Total 24-hour volume was 3,292,517.6, and notional turnover was approximately $793,148. The pair remained under downward pressure for most of the day, with key resistance around 0.2370 and support near 0.2340.

Structure & Formations

BELUSDT displayed several bearish patterns during the 24-hour period, including a long lower shadow on the 2025-09-22 19:00–19:15 candle and a series of bearish engulfing patterns starting at 22:00 ET. A notable short-term support level emerged around 0.2355–0.2360, where price consolidated for over 4 hours. A potential bullish reversal is suggested if price closes above 0.2376, which marks the 50-period SMA on the 15-minute chart.

Moving Averages

On the 15-minute chart, the 20-period SMA sits at 0.2369, and the 50-period SMA is at 0.2370, with price consistently below both, reinforcing the bearish bias. On the daily chart, the 50-period SMA is at 0.2385, the 100-period SMA at 0.2390, and the 200-period SMA at 0.2395. The price remains below all three, confirming a bearish trend for longer-term traders.

MACD & RSI

The 15-minute MACD line turned negative after 09:00 ET and remains below the signal line, indicating weakening bullish momentum. The RSI has been in oversold territory below 30 since 02:00 ET, with the lowest reading at 28 on 2025-09-23 01:30. This suggests that further selling pressure may be limited, but a sustained move above 0.2372 is needed to confirm a reversal in sentiment.

Bollinger Bands

Bollinger Bands show a moderate narrowing between 09:00–10:00 ET, indicating a potential breakout phase. Price has stayed near the lower band for the majority of the session, suggesting bearish control. A break above the upper band would require a move above 0.2382, which has not occurred in the last 24 hours.

Volume & Turnover

Volume spiked to 141,586.6 at 2025-09-22 20:00–20:15 during the most significant 15-minute drop, confirming bearish sentiment. Turnover also peaked during this time at approximately $33,741. Despite the volume spike, price failed to break below 0.2353, suggesting that shorts may be facing increased resistance. A divergence is visible between price and volume after 09:00 ET, which may indicate exhaustion in the bearish move.

Fibonacci Retracements

Applying Fibonacci levels to the 24-hour move from 0.2387 to 0.2334, the 38.2% retracement level is at 0.2364, which aligns with the most recent price action. The 61.8% retracement level is at 0.2359, where price found temporary support. A break above 0.2376 (78.6% retracement) could trigger a short-term countertrend rally.

Backtest Hypothesis

Given the observed bearish structure and volume confirmation at key support levels, a potential short-term trading hypothesis could involve a sell stop just below 0.2353 (immediate support) with a stop-loss above 0.2376. A take-profit target could be placed at 0.2335–0.2342, based on the 23.6–38.2% Fibonacci retracement levels. This strategy aligns with the bearish MACD and RSI readings, as well as the recent 15-minute price structure, offering a risk-reward ratio of approximately 1:1.5.