Saad Ullah
⬤ IREN caught a bid after hitting a strong support zone around the $45 volume shelf. Price found demand at this level and began stabilizing following the pullback. The stock held above recent lows and started forming a broader trading range — a sign buyers are stepping in rather than stepping aside.
⬤ The current structure points to consolidation within a wide range, with support sitting near $37 and resistance capping moves around $63. This kind of behavior isn't new for IREN — similar setups played out in IREN Energy Stock Drops 16% But Holds Key Support, Eyes $96 Target and IREN Stock Bounces Off $52 Support Zone, Next Move Uncertain, where the stock steadied at key demand zones before picking a direction.
⬤ Bitcoin remains the wildcard. Mining stocks tend to move in lockstep with crypto, and IREN is no exception — a trend explored in IREN Stock Nears $63 Resistance as Weekly Rally Continues, where price strength tracked broader market recovery. If BTC gets going, IREN's consolidation near $45 could quickly turn into a launchpad.
⬤ The headline target sits at $76.87 — the prior high — and that level remains the main objective for bulls. How price behaves inside the current range will likely signal whether this is a base-building phase or just a pause before more downside. For now, the setup leans constructive as long as the $37 floor holds.
Saad Ullah
