WhiteBIT Coin rose nearly 8% on Wednesday, emerging as one of the best-performing crypto assets as new momentum followed a major partnership announcement.
summary
- The value of WhiteBIT Coin rose by almost 8% after announcing the expansion of a five-year partnership with FC Barcelona, adding a new tool via cryptocurrency-related payment features.
- Deflationary economic tokens, including recent burns and a 33% fee-based buyback program, have supported price strength amid broader market weakness.
- WBT broke through the $55-56 range and is now eyeing $58-60 resistance, with $54-55 acting as key support if momentum fades.
The token jumped after WhiteBIT certain An expanded five-year collaboration with FC Barcelona, strengthening its presence in the global sports ecosystem. The deal introduces new benefit features, including a themed WhiteBIT Nova debit card, which aims to integrate cryptocurrency payments into the club’s fan experience.
WBT also continued to benefit from its previous partnership with Juventus, which has historically supported price growth by enhancing brand visibility and user adoption.
At the same time, the rise was fueled by strong token economies. WhiteBIT maintains a deflationary structure, where regular token burning reduces the circulating supply. More than 64,000 WBT, worth about $3.5 million, were removed from circulation in late April, following another burn earlier in the month.
The exchange also allocates approximately 33% of its trading fees to buybacks, further limiting selling pressure and supporting price stability during broader market weakness.
Market expansion efforts have added to the bullish momentum. WBT’s inclusion in the S&P Cryptocurrency Indices has improved its institutional visibility, while Kraken’s recent listing has expanded access through new USD and EUR trading pairs.
The strategic collaboration with Saudi-based Durrat Al Fouda Holding Company is also expected to support blockchain technology adoption initiatives in line with the country’s Vision 2030, which may open new growth avenues for the ecosystem.
On the daily chart, WBT broke out of the consolidation range that limited the price action near the $55-56 area in recent sessions. The breakout pushed the token to an intraday high near $58 before pulling back slightly.
The price is now trading above the two major moving averages, including the 20-day and 50-day levels, indicating strengthening momentum in the short-term. The Supertrend indicator also turned higher, further supporting the uptrend.
If the breakout continues, the next resistance area will appear near the $58-60 area, where previous rejection levels are visible. A successful move above this range may open the door to continue towards higher levels.
However, if the buying momentum fades, WBT may retest support near the $54-55 area, which now acts as a key level to watch.
Disclosure: This article does not constitute investment advice. The content and materials contained on this page are for educational purposes only.
