WhiteBIT Token's Stellar Charge is Fizzling Out. Time to Hit the Exit?

WhiteBIT Token’s Stellar Charge is Fizzling Out. Time to Hit the Exit?

Updated: 26 July 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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WhiteBIT (WBT) had a strong run until mid-July but then momentum fizzled. There may be worse to come as technical analysis indicates a bearish turn.

Certain technical indicators suggest WBT may be preparing for a sell move despite its current price holding above the 50-day and 200-day moving averages.

WhiteBIT – A Bearish Turn

Considering the MACD indicator, the fact that it has created some red bars on the histogram and the MACD line has fallen below the signal line indicates a potential shift in momentum toward the bearish side.

In addition, the Relative Strength Index (RSI) being slightly over 76 and in the overbought region may signal that the token is potentially overvalued, and investors might be considering taking profits, leading to selling pressure.

WBT’s support and resistance data

Also, analyzing the 2-hour price chart, WBT has been ranging, respecting the resistance level at $5.54 and the support level at $5.477.

This suggests that there is a struggle between buyers and sellers around these price levels, which could indicate indecision in the market and potentially lead to a price breakdown if selling pressure intensifies.

As always, the cryptocurrency market is subject to high volatility, and sudden price swings can occur due to various factors such as market sentiment, news events, or changes in overall market conditions.

Mr. Hankey Attracts Investor Interest – A Rival of WhiteBIT

The creators of Mr. Hankey have ventured into the cryptocurrency space, drawing inspiration from the working reality of plumbers.

They liken themselves to plumbers navigating the sewage system of the crypto industry using crude tools while maintaining optimism that their efforts could yield something valuable, even if it may be “smelly.”

HANKEY is being promoted as the next desirable cryptocurrency in the market, humorously referred to as the top shit coin in the crypto space.

In a so-called ‘’Brown Paper’’ about the coin, its developers say it’s going to be ‘’a whirlwind of hilarity and high returns,’’ and suggest it’s for investors ‘’tired of the dull, lifeless world of traditional cryptos.’’ They promise great returns for investors willing to dive into the crypto septic tank alongside them.

And they delivered. The shitcoin sold out in presale in under 10 hours, raising $500,000. That’s 40% of $HANKEY’s total 1 billion token supply, showing the presale valued the shitcoin at $1.25 million. The token soared on launch and then quickly tripled before paring gains.

How to buy the $HANKEY tokens

To acquire HANKEY through DEXTools, follow these steps:

Begin by visiting the official website of the project.
Navigate to where you’ll find the “Click here to purchase HANKEY on DEXTools” button and select it to access the DEXTools website.
At DEXTools, you can buy HANKEY using ETH (Ethereum).
Make sure you have a DApp crypto wallet ready before proceeding.
Navigate the DEXTools website and locate the DEXTswap option to connect your crypto wallet.
Click the “Connect” button and permit DEXTools to verify your wallet.
Use the search function to find the HANKEY token on DEXTools.
Enter the amount of ETH you want to swap for HANKEY.
If prompted, confirm the transaction to complete the purchase.