Saad Ullah
⬤ IREN is holding steady around current price levels even as it moves through a sideways consolidation phase, keeping the door open for a potential breakout toward higher targets above $100. Trading around $43.84, the stock has pulled back from earlier highs but maintains its structure above critical support zones. IREN remains "pretty bid all things considered," signaling that buyers are staying engaged despite the recent corrective move.
⬤ The daily chart reveals IREN compressing inside converging trendlines that form a wedge-like pattern, with price action staying above the key invalidation zone below $33. This setup suggests that immediate breakdown risk remains limited as long as structural support holds. Fibonacci extension levels mapped on the chart point to potential upside targets, including the 1.236 level at $87.57, 1.382 at $97.31, and the 1.618 extension at $115.41, with higher projections reaching toward $128 and beyond. These technical markers illustrate how a successful breakout from the current consolidation could drive the stock toward and past the $100 threshold.
⬤ Previous technical coverage on IREN highlighted similar compression phases following extended rallies, where price would tighten or pull back before continuing its broader trend. IREN Stock Compresses in Wedge Pattern as $60-$70 Breakout Approaches tracked these consolidation zones and their role in stabilizing price before renewed advances. Another analysis showed how IREN Limited Surges 10% as Stock Tests Critical $46 Resistance during earlier attempts to reclaim higher ranges.
⬤ The current phase matters because it represents a critical decision point between resumed upward momentum and deeper correction. As long as IREN holds above structural support and stays clear of invalidation levels, the larger uptrend framework remains viable. IREN Chart Sparks Debate as Bulls Point to Repeating Pattern in $40s emphasized how these consolidation zones could set the stage for the next significant directional move, potentially unlocking the path toward triple-digit price levels.
Saad Ullah
