Global Interactive Stock Jumps After K-Pop Giant ATEEZ Partnership

Global Interactive Technologies, Inc. (NASDAQ:GITS) stock skyrocketed on Tuesday following a significant announcement regarding a partnership with the popular K-pop group ATEEZ.

The stock is experiencing a notable uptick after the company acquired master and global distribution rights to the theme song for its upcoming animated feature, which is expected to enhance its market visibility and engagement. The theme song performed by ATEEZ will be part of a worldwide promotional campaign for “The Legend of MegaRace.”

GITS Secures ATEEZ Theme Song Rights

Under the agreement, GITS has secured full ownership and control of the master recordings, as well as worldwide distribution rights. This strategic move aims to bolster GITS’s international reach and enhance its content commercialization efforts, particularly through its global fandom platform, Faning.

The promotional campaign is expected to significantly elevate the visibility of “The Legend of MegaRace” across key markets, including North America, Europe, and Asia. The collaboration with ATEEZ aligns with GITS’s broader strategy to expand its proprietary intellectual property in animation and music, which is crucial for long-term growth.

The broader market is experiencing a positive trend, with the S&P 500 up 0.36% and the Technology sector gaining 1.42%. GITS’s impressive price movement aligns with broader market trends, indicating that the stock is moving in step with the market.

GITS Surges Above Moving Averages

Currently, GITS is trading 521.7% above its 20-day simple moving average (SMA) and 282.1% above its 100-day SMA, indicating strong short-term strength. Over the past 12 months, shares have increased by 102.62% and are currently positioned closer to their 52-week highs than lows.

The RSI is at 92.32, which is considered overbought, suggesting that the stock may be due for a pullback. Meanwhile, the MACD is above its signal line, indicating bullish momentum.

The combination of overbought RSI and bullish MACD suggests mixed momentum, indicating potential volatility ahead as traders assess the stock’s next moves.

• Key Resistance: $5.00
• Key Support: $4.50

Short Squeeze

Short interest in Global Interactive Technologies rose sharply in the most recent reporting period, climbing from 22.92K shares to 106.15K. This represents approximately 3.67% of the company’s public float being sold short.

Based on an average daily trading volume of 81.38K shares, it would take about 1.3 days for short sellers to cover their positions without materially driving the stock price higher.

GITS Price Action: Global Interactive shares were up 139.79% at $4.58 at the time of publication on Tuesday, according to Benzinga Pro data.

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