IREN Stock Holds Uptrend After Rebound From $33 Support Level
IREN Limited has shown renewed buying interest after reversing sharply from a key technical support zone. The stock’s recent rebound suggests that the prior decline was corrective in nature, with price action continuing to respect the broader bullish trend structure.
Key Technical Developments
Fibonacci Support and Price Reversal
On the daily chart, IREN found strong demand near the $33 level, which aligns with the 0.5 Fibonacci retracement. Buyers stepped in aggressively at this zone, triggering a smooth upside reversal. The reaction reinforces $33 as a technically significant support area and confirms that dip buyers remain active at key retracement levels.
EMA Cloud Reclaim Confirms Trend
Following the rebound, IREN pushed back above the EMA cloud and successfully held it through multiple retests. This behavior suggests that the recent pullback did not represent a trend reversal. Instead, repeated defenses of the EMA cloud point to stabilized bullish momentum and continued buyer participation.
Short-Term Price Action and Risk Levels
IREN was indicated to open around $53, roughly 8% lower in premarket trading. However, this move appears consistent with normal consolidation rather than impulsive selling. There is no evidence of structural breakdown on the daily timeframe.
Price remains well above the $33 reversal zone and continues to form higher lows relative to that support. From a technical perspective, the top of the EMA cloud near $50.65 has become the most important near-term level to monitor. A pullback toward this area would still be considered constructive as long as support holds.
A decisive loss of $50.65 would raise concerns about trend integrity and signal that buyers are no longer defending key support.
Why This Matters
The combination of a clean Fibonacci-based reversal, a successful reclaim of the EMA cloud, and sustained price action above major support levels reinforces the view that IREN remains in an established uptrend. Current weakness appears to be routine consolidation rather than a shift in momentum.
As long as critical support levels remain intact, buyers appear to be in control, keeping the broader bullish structure firmly in place.
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