WhiteBIT Coin (WBT) Reaches Record High After 70% Monthly Increase: What’s Driving the Surge?

Quick Summary

• The price of WBT soared to an unprecedented level following a significant partnership announcement in the sports arena.
• Even with this surge, the asset’s RSI above 93 indicates potential overextension, hinting at an impending price adjustment.

The Notable Rise

Among the numerous popular cryptocurrencies that have gained ground over the last month, WhiteBIT Coin (WBT) stands out for its remarkable performance.

The value of this asset surged by over 70% during that period, hitting an impressive high of approximately $52.30 before retreating slightly to its present value of $51.50. WBT’s market cap approached $7.5 billion, overtaking Toncoin (TON) and Shiba Inu (SHIB) to rank as the 21st-largest cryptocurrency in existence.

On June 16, WBT emerged as the top performer among the leading digital assets, boasting a rise of around 30%. This significant upward movement was likely sparked by WhiteBIT’s recent agreement within the football sector.

WhiteBIT announced a global partnership with Juventus, one of Italy’s premier football clubs, that will feature the exchange’s logo on the team’s official jerseys.

In 2022, the Lithuania-based platform secured another significant partnership with FC Barcelona, making it their official cryptocurrency exchange partner, covering multiple sports teams under Barca’s umbrella.

Increased interest from major investors might also explain the recent price surge of WBT. Late in May, a crypto analytics platform indicated that WhiteBIT’s token entered the top 10 cryptocurrencies experiencing the most whale activities.

Watch for a Possible Decline

While WBT’s remarkable growth is noteworthy, investors looking to join in should monitor the asset’s Relative Strength Index (RSI), which could indicate a potential reversal.

According to insights from a user on a social platform, WBT’s RSI is the highest among the top 1,000 cryptocurrencies, currently exceeding 93.

Such elevated levels typically imply that the token’s price has surged too quickly within a short duration, suggesting WBT may be in overbought conditions and could be heading for a correction. Conversely, a reading below 30 is often viewed as a bullish signal.