🚀
$IRYS is showing a potential technical setup!
The asset has been in a consolidation phase and is currently attempting to break above the key 0.01643 Fibonacci level on the daily timeframe.
📈 The Technical Setup:
• The Pattern: Fibonacci Retracement / Range Consolidation
• Short-term Target: 0.01849
• Macro Objective: 0.02604
• Market Structure: Accumulation / Rebound from range lows
🎯 Key Levels to Watch:
• Support / Accumulation Zone: 0.01300 - 0.01400
• Resistance: 0.01849
• Breakout Level: 0.01643
• Stop Loss / Invalidation: 0.01300
📊 Confirmation:
• Volume: Neutral/standard volume
• Momentum: Price currently testing local Fibonacci resistance level
• Trend: Horizontal accumulation phase following a sharp downtrend
⚠️ Invalidation:
A decisive daily close below the 0.01300 support zone would invalidate the current bullish structure and suggest further downside risk.
The price is showing signs of stabilizing after a significant correction, with a breakout attempt above the 0.01643 level now underway.
💎 Creator: NOUMAN_DON (@NOUMAN_DON)
#Irys #crypto #BinanceSquare #Binance #TechnicalAnalysis