Usman Salis
⬤ Price Action — IREN attempted a recovery before reversing at the highlighted band around the low-$40 area. This level is now acting as resistance after previously working as support, showing that bulls haven't regained control at this price point yet.
⬤ Relative Weakness — IREN has been one of the laggards among Bitcoin and data center stocks during the recent market recovery phase. This underperformance means confirmation is needed before expecting any meaningful continuation higher.
⬤ What's Next — The next directional move depends entirely on whether price can reclaim that zone. A sustained push back above the band would signal improving momentum and shift attention toward recovery. However, continued rejection keeps the outlook uncertain and traders cautious around IREN Limited.
Usman Salis
