WhiteBIT Coin (WBT) Hits New ATH Following 70% Monthly Surge: What’s Fueling the Rally?

TL;DR

• WBT reached a new historic peak after WhiteBIT inked another high-profile partnership deal in the sports sector.
• Despite the rally, the asset’s RSI above 93 signals extreme overbought conditions, suggesting a potential price correction could be just around the corner.

The Impressive Ascent

There are many well-known cryptocurrencies whose prices have increased in the past month, but few have outperformed the gains posted by WhiteBIT Coin (WBT).

The asset’s valuation has jumped by over 70% within that timeframe, recently reaching an all-time high of around $52.30 (according to CoinGecko’s data) before slightly retracing to its current value of $51.50. WBT’s market capitalization neared a whopping $7.5 billion, flipping Toncoin (TON) and Shiba Inu (SHIB) to become the 21st-biggest cryptocurrency in the entire sector.

WBT is also the best-performing digital asset (from the top 100 club) today (June 16), recording an increase of about 30%. The massive green candle was likely triggered by WhiteBIT’s latest sponsorship deal in the football world.

The exchange announced a new global partnership with the most successful football club in Italy – Juventus, which will start displaying WhiteBIT’s logo on its official jersey. 

In 2022, the platform headquartered in Lithuania inked another high-profile agreement with FC Barcelona, becoming its official cryptocurrency exchange partner. The deal also involved Barca’s handball, basketball, roller hockey, and futsal teams.

Another factor that could explain the price rally of WBT in the past month is the increased attention coming from large investors. Towards the end of May, crypto platform Santiment revealed that WhiteBIT’s native token was among the top 10 cryptocurrencies, seeing the highest rise in whale activity. 

Beware of a Sudden Drop

While WBT’s pump is undoubtedly impressive, investors willing to jump on the bandwagon should keep an eye on the asset’s Relative Strength Index (RSI), which suggests a pullback might be incoming.

According to one X user, WBT’s ratio is the highest among the top 1,000 cryptocurrencies and currently stands at more than 93.

Such high levels typically indicate that the token’s price has increased too rapidly over a short period. The development hints that WBT has likely entered into overbought territory and could be poised for an imminent correction. Conversely, anything below 30 is considered a bullish element.