Saad Ullah
⬤ IREN Limited took a hit this week, sliding roughly 11% and breaking through what had been a solid bull market support band. That breakdown shifts the technical picture and puts the spotlight on lower price zones where the stock might find its footing.
⬤ Right now, the price is hovering near $39 after that breakdown. With the previous support gone, there's not much in the way until around $27. That level lines up with both the 0.618 Fibonacci retracement and the Gaussian Channel, making it the next spot traders are watching.
⬤ Before this drop, some analysts were eyeing a longer-term move up to $96, but that target looks like it'll take more time now. Losing that support means any upside momentum is on pause while the stock searches for a floor.
⬤ The key takeaway here is that IREN has gone from holding bullish structure to hunting for deeper support, which could push back the timeline for any meaningful rally.
Saad Ullah
