WBT hit a new all-time high of $62.96 on Tuesday after news broke that WhiteBIT will be entering Saudi Arabia through a strategic partnership with a local holding company to accelerate blockchain innovation and digital asset adoption in the region.
Summary
- WBT price is up over 20% in the past 24 hours.
- WhiteBIT exchange has partnered with Durrah AlFodah to enter Saudi Arabia and foster blockchain adoption.
- A bullish flag pattern has formed on the daily chart.
According to data from crypto.news, WhiteBIT Coin (WBT) shot up over 20% to an intraday and all-time high of $62.96 on Nov. 18 before settling at $60.11 at press time.
At this price, the native token of the European crypto exchange WhiteBIT was up over 45% from its October low and 150% from its lowest point this year. The token currently ranks as the 13th largest cryptocurrency with a market cap of over $12.9 billion.
The main catalyst that drove its gains recently is news of its partnership with Durrah AlFodah, a major investment company based in Saudi Arabia and represented by Prince Naif bin Abdullah bin Saud bin Abdulaziz Al Saud.
Per the collaboration, the companies will focus on tokenizing the stock market, developing a Central Bank Digital Currency framework, and creating national data computing and mining centers that support the Gulf nation’s long-term goals to transform it into a global leader in digital finance, data infrastructure, and next-generation technology innovation, as part of Saudi Arabia’s Vision 2030 agenda.
Investors are excited as the partnership will enable WhiteBIT’s market entry into the region, which has a growing demand for digital finance infrastructure. The collaboration also envisions the formation of a joint venture company to manage and scale these initiatives across public and private sectors.
Major developments such as these bode well for WhiteBIT’s long-term expansion and, as such, could serve as a launchpad for greater institutional adoption and stronger global positioning in the digital asset space.
On the daily chart, WBT price has formed a bullish flag pattern that began developing in late October this year. Historically, such patterns, marked by a strong flagpole followed by a consolidation channel, have served as precursors to continued upside over the short term.
WBT price has formed a bullish flag on the daily chart — Nov. 19 | Source: crypto.newsMomentum indicators were also pointing to a bullish bias at press time. The 20-day Simple Moving Average has formed a bullish crossover above the 50-day one, as buyers continue to dominate price action.
On top of that, the Supertrend indicator flashed a buy signal as it crossed below the price level, a signal that traders typically interpret as confirmation of a bullish trend continuation.
WBT Supertrend and RSI chart — Nov. 19 | Source: crypto.newsHence, WBT price would most likely rally to the $70–$80 range if bullish momentum remains intact, especially if broader market sentiment improves. However, it could face some hiccups along the way owing to an overheated RSI reading at press time.
A drop below $51.5, which aligns with the 78.6% Fibonacci retracement level, would invalidate the bullish setup and potentially trigger a deeper pullback.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Source: https://crypto.news/heres-why-whitebits-wbt-soared-over-20-today/
