TL;DR

WBT reached a new historic peak after WhiteBIT inked another high-profile partnership deal in the sports sector. Despite the rally, the assets 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 assets valuation has jumped by over 70% within that timeframe, recently reaching an all-time high of around $52.30 (according to CoinGeckos data) before slightly retracing to its current value of $51.50. WBTs 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 Price, Source: CoinGecko 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 WhiteBITs 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 WhiteBITs 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 Barcas 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 WhiteBITs native token was among the top 10 cryptocurrencies, seeing the highest rise in whale activity. 

Beware of a Sudden Drop

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

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

WBT RSI, Source: TradingView Such high levels typically indicate that the tokens 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.