Yesterday, Integritee Network’s native token TEER saw a major breakout as the price spiked from $0.81 to $1.09 before closing at $0.93. This move came as analyst JK Stocks tweeted:
“TEER = 0.9981 Strong breakout in daily TF. Supported by Weekly TF. Backed by Strong Investors. Tatget Minimum 2x from here.”
JK Stocks’ statement highlights several bullish factors backing TEER’s breakout. Firstly, he points to the strong technical breakout happening on the daily timeframe. This shows a definitive shift in market structure and trader conviction to the upside. The weekly timeframe adds longer-term confirmation and support to the rally as well.
Secondly, JK Stocks notes that TEER has solid investor backing powering this move. The breakout has strong momentum from committed shareholders and new buyers coming in. This provides sustainability and makes the breakout more likely to follow through. Given these bullish confluences of technicals and fundamentals, JK Stocks sets a 2x price target from the breakout level beyond $1.
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Show more +Bullish Momentum Persists
Today, TEER is still looking very bullish as the price holds around $0.95 after retesting the broken resistance level which now serves as support. The price remains up 11% over the last 24 hours and appears poised for further gains.
Looking at the downtrend TEER broke out from, the move could cover the whole downward move and take the price to around $1.5 – representing a 60% surge from current levels.
Further Technical Analysis
The relative strength index (RSI) also points to more upside as the current value of 47 indicates there is still ample room for the price to trend higher.
Considering the support and resistance levels on the daily timeframe, the key level to monitor is $1.1. A decisive break above that should propel the price toward $1.5 where the next major barrier lies.
However, it’s important to exercise caution when speculating on potential future price action. Many factors can alter expected outcomes. This analysis aims to identify possibilities based on current momentum, but prices can always shift due to emerging fundamentals or market conditions.
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