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- WhiteBIT’s (WBTUSDT) price is approaching key support levels at $26.20 on Monday, following a reversal from the resistance levels at $28.40.
- However, the coin still shows bullish strength, stabilising at around $27.75, and found support from its 50-day EMA last week.
The current price of WhiteBit Coin (WBT) is $27.776, a slight daily rise of 0.14% from its close on Sunday. The price approached the key support level at $27.00 on Monday, with a test to these price levels indicating a possible bullish trend. If the bulls sustain the selling pressure, testing the support level will suggest a recovery is in the cards.
The WBTUSDT price has been hovering around the $27.75 mark for the past two weeks, following a break below the 50-day EMA on April 1. However, the price is still trending downwards, as the price collapsed 0.32% in an hour on Monday, breaking below the 20-hour and 50-hour EMA. However, the price has since rallied to $27.76, touching its ascending trendline (drawn by connecting multiple low levels since mid-April) on the hourly chart.
On Saturday, the WBT price faced rejection at the 50-day Exponential Moving Average (EMA), which acts as resistance at $28.03, which coincides with the daily resistance level. At the time of writing on Monday 1414 hours (UTC), the price trades around $27.75.
If the WBT price breaks and closes above $28.02, it could extend the rally to the key psychological level of $30.00. A successful retest of this level could further extend the rally of the WhiteBIT Coin to test its all-time high price of $31.40, set on March 2.
If not, the coin could face a reversal to its daily support level of $25.48, with a further drop to $24.03, the 200-day EMA, which acts as a lower support level.
The Relative Strength Index (RSI) on the daily chart flattens slightly below the neutral level of 50, at 46.06, indicating an indecisive move amongst traders. However, as the RSI moves above its neutral level, the market may sustain a bullish momentum, pushing the coin price higher.
Finally, the community sentiment on WBT remains bullish, with 86% of the community maintaining a bullish sentiment in the market and only 14% holding onto a bearish sentiment. The volumes have rallied over 30% in the past 24 hours, reaching nearly $30 million as of Monday, which could signify increased interest in the coin.
