The crypto market in is a havoc because of the crash, which cased most cryptos dropping their values. Bitcoin (BTC) was no less as it also felt the jerk of this incident. However, there are3 a few cryptos, which can still earn you profit and one of them is WhiteBit Coin (WBT).
Will WhiteBIT Coin explode?
Despite the bearish market, a few of the coins are showing potential and WBT is one of them. After a 12% price hike in a week, Bitcoin (BTC) saw a downfall as its value declined n it last 24 hours. Nonetheless, WhiteBIT (WBT) acted different as it managed to paint its price chary green with in the last 24 hours. At the time of writing, the token was trading at $27.84 with a market capitalization of over $2.,4 billion.
Why WhiteBIT (WBT) can explode
Though the market has been in a turmoil, WhiteBIT price has managed to rise in the recent times. Still, its market sentiment has dropped. This is evident from the plummet in its weighted sentiment—meaning that that people are bearish on the token. Nonetheless, its exchange outflow spiked substantially in the last few days. A rise in the metric means that investors were considering buying the token, which in general results is a price hike. However, not everything was working in the token’s favor.
For instance, WhiteBIT’s weighted sentiment dropped substantially over the past few days—a sign of declining bullish sentiment in the market. But there is a catch!
Decoding WhiteBIT’s future
CoinGape then checked the token’s daily chart, and, we found something interesting. As per our analysis, WhiteBIT price chart formed a falling wedge pattern. Whenever that pattern emerges, it means that there chances of a bullish breakout.
Conclusion
If WBT manages to breakout above the upper trend line, then, it won’t be surprising to see the then token raging above. Ergo, investors should keep a close eye on the token, to see where it moves in the days to follow.
Frequently Asked Questions (FAQs)
WBT defied the market trend with a 12% weekly price surge, drawing investor interest.
Yes, a falling wedge pattern suggests a possible bullish breakout for WBT.
Recent spike in exchange outflows shows growing buying interest in WBT.
Dipayan Mitra
Dipayan is a full-time journalist and editor working in the Web3 domain. He has over 4 years of experience in the media industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. Technical analysis and assessing market trends is what he specializes in. His work has been featured on popular crypto platforms like AMBCrypto.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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