Saad Ullah
IREN stock is struggling to maintain its bullish momentum as technical indicators flash warning signs. After a massive rally that saw the stock climb roughly 700% from around $10, the current price action suggests sellers are firmly in control. Traders are watching closely for a confirmed breakout signal, but so far, the structure remains bearish.
Technical Structure Points to Continued Pressure
The stock remains stuck below its 21-week EMA while forming lower highs—a classic sign that the previous bullish momentum has lost steam. That despite the impressive rally earlier this year, IREN technical outlook currently lacks any confirmed bullish trigger that would signal a trend reversal.
The chart reveals a descending trendline resistance working against buyers, while RSI divergence indicates weakening momentum. Instead of breaking out, price action shows consolidation beneath key resistance levels. This pattern has historically preceded further downside moves before any real reversal signals emerge. Similar technical conditions were highlighted in recent coverage of IREN rebounds from 45 support eyes 7687 previous high.
"The chart still lacks a confirmed bullish trigger despite a previous major rally," @RonnieV observed.
Moving Averages Signal Caution for IREN Stock
What's particularly concerning is the absence of a "green light" signal that would give traders confidence to enter positions. Moving averages are sloping downward, and the stock keeps printing lower highs—both signs that sellers are still calling the shots. This behavior mirrors recent price action around moving averages, as described in the Gaussian MA rejection pattern.
What's Next for IREN?
Right now, IREN is in a transition phase rather than showing any clear reversal. Until price breaks above resistance and reclaims those key trend indicators, momentum stays uncertain. The market seems to be waiting for confirmation rather than jumping in early, which means volatility could stick around until we see a decisive directional move.
For traders, the takeaway is simple: patience pays off. Without a confirmed breakout above resistance, this stock remains risky for those looking to catch the next leg up.
Saad Ullah
