Welcome back, friends! In this update, we'll take a closer look at IRISnet (IRIS) and analyze the recent movements in its price. In previous analyses, we discussed how IRISnet first broke out of a long-term down channel and later broke through a falling wedge pattern. More recently, it’s been trading within a bullish formation — a down channel. In this article, we'll dive into the details of the current patterns and key support and resistance levels.
IRISnet's Current Movement in the Down Channel
If you observe the live chart, IRISnet is still moving inside the down channel. On the daily time frame, we recently saw an attempt to break the resistance, but the price failed to sustain a breakout. For several days, the price has been attempting to break through the resistance but has been rejected multiple times.
Formation of a Descending Triangle
Interestingly, a new pattern has emerged — a descending triangle. The resistance of this triangle aligns closely with the resistance of the down channel, while the key support level sits at 1.2 cents. This long-term support level is crucial for IRISnet, as the price has tested this zone multiple times in recent days.
Trade Signal Update: Harmonic Bullish Reversal
Before we delve deeper into the technical analysis, I’d like to share my recent trade signal for IRISnet. Almost 2 days ago, I shared a harmonic bullish reversal Gartley move with my members. This pattern formed on the 30-minute chart, with IRIS paired against the U.S. Dollar. The price has already geared up from the buying zone, and I'm expecting it to reach the sell targets soon.
In the past, we’ve witnessed similar moves. For example, in July 2024, I shared a signal about a bullish reversal move, which resulted in a 90% pump against Bitcoin. If you’d like to catch such moves before they happen, consider joining me as a YouTube or Patreon member, where I share daily trade signals.
Click here to see this signal on Patreon
Key Support and Resistance Levels to Watch
Now, let's get back to the live chart. On the daily time frame, IRISnet is moving inside a long down channel, and as mentioned earlier, it has formed a descending triangle with critical support at 1.2 cents. This support level is significant.
In the event of a breakout from the resistance of the descending triangle, the next key resistance will be at 3.1 cents. This level has acted as resistance in the past and could be a challenging barrier for the price to break.
On the upside, the technical target for a breakout from the down channel is at 4.8 cents, with a further long-term target around 5 cents. Historically, the 5-cent level has served as both support and resistance, making it another crucial area to monitor.
Long-Term Price Targets
Zooming out to the weekly chart, the long-term technical target for IRISnet, following its breakout from the down channel, is expected to be somewhere between 23 to 25 cents. This target is based on previous price action and the overall structure of the down channel.
