WhiteBIT Coin trades near $50 as technical support holds and burn program draws attention

WhiteBIT Coin (WBT) is trading around $50.45 after a 21% decline from its December all-time high of $64.11, with the $50 level acting as support across four separate tests, The Crypto Basic reports. The token's market cap stands above $10.8 billion, while WhiteBIT positions itself as a major European exchange with 35 million users in over 150 countries, approximately $3 trillion in annual volume, and recent expansions including a U.S. launch and a partnership with Saudi Arabia's Durrah AlFodah Holding. WBT has a fixed supply of 400 million tokens, circulating supply near 213.7 million, and 81.5 million locked until March 13, alongside a weekly burn program aimed at destroying at least half of total supply and user benefits such as fee discounts and higher staking yields. Technical indicators including MACD, RSI at 57.5, and a Bollinger Band squeeze point to a possible directional move, with $54 and the 50-day moving average as upside levels and $48 as a downside break level, according to the report, which notes the information is not financial advice.