Detailed Technical Analysis $IRYS
Overall Trend:
The market is in a strong bullish trend after breaking out of a long consolidation zone.
A clear structure of higher highs and higher lows, starting from the bottom near 0.02333, confirms a real upward move.
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🔹 Technical Indicators
1️⃣ Moving Averages (EMA):
EMA(7): 0.0449
EMA(25): 0.0368
Price is trading far above both EMAs → strong bullish momentum, but also overextended, increasing the probability of a pullback.
2️⃣ MACD:
MACD line above the signal line
Expanding positive histogram
✅ Confirms strong bullish momentum in the short term.
3️⃣ RSI:
RSI(6): ~89 → Extreme overbought
RSI(14): ~73 → Overbought
⚠️ Indicates high risk for late entries, not an immediate reversal but a likely correction or consolidation.
4️⃣ Volume:
Very high volume compared to the average
Confirms strong market interest and aggressive buying (often seen in impulsive moves).
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🔹 Key Support & Resistance Levels
📉 Support Zones:
0.0520 – 0.0500 → First and most important short-term support
0.0444 → Previous breakout level (strong support)
0.0368 → EMA(25), major trend support
📈 Resistance Zones:
0.0578 – 0.0595 → Current local top
If broken and held above:
0.0650
0.072 – 0.075
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🔹 Possible Scenarios
🟢 Bullish Continuation (Strong):
Price holds above 0.052
Short consolidation → continuation toward 0.065, then 0.072
🟡 Healthy Correction (Most Likely):
Pullback to 0.050 or 0.044
Then continuation upward (best low-risk entry zones)
🔴 Bearish Scenario (Weak):
Clear breakdown below 0.044
Deeper correction toward 0.037
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🔹 Final Summary
❌ Entering now is risky due to extreme overbought conditions.
✅ Best strategy: wait for a pullback or a clean consolidation above 0.052.
🚀 Trend remains bullish and strong, correction would be technical, not trend-breaking.