As of May 22, 2026, IREN (IREN Limited) is in a uptrend state on the weekly chart, with a confidence level of 68%. Key support is at $46.6 and key resistance at $60.0. Weekly rally continuation with price holding well above EMA50/EMA100 and pushing back into the upper range after a prior pullback from the $70s; momentum moderate (RSI ~59).
Bullish continuation: pullback holds the $46.60–$48.00 area (EMA20/structure support) then price reclaims $60.00 and grinds higher toward a retest of the prior swing high zone; fits an Elliott view of a Wave 4 completed and early Wave 5 attempt, with Fibonacci extension targets overhead.
Deeper weekly correction within the broader uptrend: rejection near $60.00 leads to a retrace into the rising EMA50 area, forming a higher low if buyers defend; Elliott alternate is that the prior peak was a Wave 3 top and price is still working through a larger Wave 4 sideways/down correction.
Weekly close above $60.00 followed by another close holding above $60.00
Weekly close below $46.60 (EMA20) with follow-through toward $39.00 (EMA50)
Start near EMA20 support/previous pivot demand; add into EMA50 confluence; heavy add only if a deeper Wave-4 style retrace reaches EMA100/major trend support while keeping long-term structure intact.
Trim into prior supply/ATH retest area first; trim more on Fibonacci extension-style overshoots above the prior peak; fully exit if price becomes multi-year stretched versus rising long MAs (large gap to EMA50/EMA100) implying late-cycle/parabolic risk.
As of May 22, 2026, IREN (IREN Limited) is in a uptrend state on the weekly chart with 68% confidence. Weekly rally continuation with price holding well above EMA50/EMA100 and pushing back into the upper range after a prior pullback from the $70s; momentum moderate (RSI ~59).
On the weekly timeframe, IREN has key support at $46.6 and key resistance at $60.0. The most likely scenario (bullish) targets $60.0 and $72.0, with a revert level at $52.0.
IREN (IREN Limited) is currently classified as uptrend on the weekly chart, with 68% confidence. Confirmation requires: Weekly close above $60.00 followed by another close holding above $60.00 This would be invalidated by: Weekly close below $46.60 (EMA20) with follow-through toward $39.00 (EMA50)
The most likely scenario (bullish) targets $60.0 and $72.0, with a revert level at $52.0. The alternative scenario (bearish) targets $46.6 and $39.0.
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