WhiteBIT (WBT) has entered a significant phase today as it unlocks more than 39 million tokens, which are valued at approximately $1.19 billion. These newly unlocked tokens will be allocated to WhiteBIT Funds, and traders are carefully observing the market for any indications of how this might affect prices or lead to further distribution activities.

Over the last week, despite the substantial nature of this event, WBT's price performance has not kept pace with several other exchange tokens. Key support levels have held firm, and technical indicators are pointing towards consolidation, suggesting that the next few days will be crucial in determining whether WBT experiences a breakout or encounters renewed selling pressures.

WhiteBIT (WBT) is facing a pivotal moment today as it releases over 39 million tokens worth around $1.19 billion. The organization plans to assign these unlocked tokens to WhiteBIT Funds, while traders are keeping a close eye on the market for possible reactions in terms of pricing or distribution strategies.

In the previous seven-day span, WBT managed a 6.5% increase; however, this growth rate lags behind general market advancements and is significantly weaker compared to notable exchange-connected tokens. The community remains vigilant since large-scale unlocks frequently result in heightened volatility and potential selling pressures.

When contrasted with similar entities, WBT is evidently underperforming. During this time frame, Binance Coin (BNB) saw a rise of 10%, Bitget Token (BGB) climbed by 9.4%, Cronos (CRO) advanced by 15%, and Uniswap (UNI) experienced an impressive surge of 40%. This comparative lag indicates a probable absence of robust momentum or investor confidence preceding the unlock.

WhiteBIT’s Relative Strength Index (RSI) has decreased to 57.25 from a peak of 77.57, following a period where it remained above 70 between May 8 and May 10. This signifies a reduction in momentum just prior to the token release.

The RSI, or Relative Strength Index, functions as a momentum gauge ranging from 0 to 100. Levels exceeding 70 imply that an asset might be overpriced, whereas readings below 30 indicate it may be undervalued.

With a current RSI of 57.25, WBT resides within neutral territory. This could denote diminishing strength in the recent upward movement, yet it still offers space for another upward swing should sentiment improve post-unlock.

For WhiteBIT, the Ichimoku Cloud presents a scenario that is both neutral and somewhat favorable. Presently, price actions are positioned above the cloud, generally considered a positive signal.

The blue line (Tenkan-sen) and red line (Kijun-sen) are level and closely aligned, indicating a state of consolidation and a lack of immediate short-term momentum.

Should the price stay above the cloud, the existing trend will persist; however, a descent into the cloud might alter the short-term perspective to neutral.

WhiteBIT is trading near its all-time highs, maintaining stability amidst four consecutive days of price consolidation. The $30.06 mark has acted as a vital support thus far, effectively resisting downward forces.

If this support is revisited and does not hold, downside targets include $29.40 and $28.86, with deeper levels at $28.10 and $27.56 should selling momentum escalate.

On the upside, surpassing the current consolidation zone could initiate a new rally. If bullish momentum strengthens, WBT might exceed $31 and potentially challenge the $32 threshold.

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