Bella Protocol/Tether Market Overview

Summary• BELUSDT edged lower at close, forming a bearish continuation pattern after hitting a 24-hour high of $0.1974.• Momentum waned in the final hours as RSI dipped into oversold territory while volume spiked near 0.190–0.192.• Volatility expanded throughout the session, with Bollinger Bands widening in the afternoon and narrowing at close.

Price Action and Structure

Bella Protocol/Tether (BELUSDT) opened at $0.1935 on 2025-11-10 12:00 ET and hit a high of $0.1974 by midday. A bearish flag pattern emerged as prices consolidated within a tight range near 0.194–0.195 before breaking to the downside. Notable candlestick patterns included a bearish engulfing pattern near 0.1953–0.1950 and a long lower wick near 0.1942–0.1960, suggesting indecision and weak follow-through.

Key support levels were identified at 0.1917–0.1909 and 0.1902–0.1899, where price found temporary refuge after midday. Resistance levels at 0.194–0.195 and 0.1957–0.1962 held on multiple occasions, preventing a strong upward move. The final 15-minute candle ended at 0.1923, with a bearish close near the day’s low.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages both trended lower, aligning with the bearish bias. The 50-period line crossed below the 20-period line in the late afternoon, reinforcing bearish momentum. On the daily chart, the 50/100/200 EMA lines remained in a descending order, indicating prolonged bearish sentiment.

MACD lines remained in negative territory throughout the session, with a bearish crossover occurring as momentum weakened in the final hours. The RSI approached oversold levels (below 30) in the early morning hours, indicating a potential short-term bottom or increased risk of a bounce.

Volatility and Bollinger Bands

Volatility expanded in the early hours as price moved between the upper and lower Bollinger Bands, reaching the upper band at 0.1974. This expansion was followed by a contraction in the late afternoon, with prices consolidating within the bands at 0.1905–0.1945. The final hours saw a retest of the lower band, suggesting heightened bearish pressure and potential continuation of the downtrend.

Volume and Turnover

Trading volume peaked near 173,845.3 and 98,421.9 (in units), both occurring around key price swings. Notional turnover also spiked during these periods, confirming the strength of the bearish moves. However, a divergence appeared as volume declined in the final hours despite continued downward movement, hinting at potential exhaustion or a near-term bottom.

Fibonacci Retracements

Applying Fibonacci levels to the recent swing high of 0.1974 and the low of 0.1909, the 38.2% retracement was at 0.1946 and the 61.8% level at 0.1925. The 61.8% level held as support during the session, with price bouncing off it twice before breaking lower. These levels may continue to play a role in the near term, particularly 0.1909 as a critical floor.

Backtest Hypothesis

The recent bearish momentum aligns with a backtesting strategy that achieved a cumulative return of 174% since January 2022, though it came with significant drawdowns of up to 51%. The average winning trade gained ~6.7%, while average losing trades lost ~9.3%, highlighting the need for refined exit rules or tighter stop-loss parameters. This historical performance suggests that while bearish continuation patterns can be traded profitably, risk management is critical, especially in volatile altcoin pairs like BELUSDT.