Sergey Diakov
⬤ IREN Limited entered a correction phase after losing its short-term moving average support. The stock rejected near the 20 SMA and started pulling back deeper than many traders anticipated, breaking through the Gaussian Channel support that had been holding price action. This reversal came after a strong rally that pushed shares into the mid-50s before momentum shifted.
⬤ Right now, IREN is hovering around the 0.786 retracement zone near $43, down from recent highs above $55. The next significant technical level to watch sits at $36, which analysts are calling the monthly bull market support. If selling pressure keeps building, that's where buyers might step in to defend the broader uptrend. This $36 zone represents the first major demand area on higher timeframes. A similar technical structure was previously discussed in IREN rejection at resistance zones.
⬤ Despite the current pullback, the larger market structure still looks intact from a long-term perspective. If IREN can stabilize above that monthly support level, the bullish trend could remain valid. There's still an upside target - floating around $96 based on the extended cycle projection, though reaching that level depends entirely on holding the macro support zones. Similar price action and moving average patterns have played out before in this stock, where IREN held bull market support during previous corrections.
⬤ What makes this move important is that IREN Limited is now sitting right between continuation and deeper retracement. Holding $36 keeps the bull case alive. Losing it would likely trigger extended consolidation before any real attempt at pushing toward those higher targets near $96.
Sergey Diakov
