IREN has fallen over 12% and is nearing new lows; around $30 it may bounce or break down. If $30 breaks, it could drop to 29.25 or 29.40 and test a June 14, 2024 trend line; rejection then acceptance could send it upward, and the nearby 5% range is a buy area.

IREN's stock also fell by more than 12%.

Also, IREN is down 12% and heading towards new lows as we speak. So, for now we might get some support at the $30 level, which is a round number, and then the top of this candle here.

The price has broken through this level before and then recovered its balance the following day. So, I'm eager to see if we'll head around 60 cents down towards that level, will we get a bounce or a break down?

If we break down, I am watching this trend line from June 14, 2024.

The price forecast here is rejection then acceptance, and then we rush upwards again. Here, buyers intervened before this long wick was tested . So, if we break the $30 level , I can see IREN dropping slightly to 29.25 or 29.40 depending on the arrival time.

So , keep an eye on that trend line. As additional support, this is why we need to zoom out on the charts to see where we will find some key support points.

And from our beginnings, in the early days of IREN on November 17, 2021, excuse me, at 28.25.

So, as far as IREN is concerned, we've already dropped, you know, by almost 12% now during the day. So, in this area here, we have a narrow range of about 5% as an area where you can take a buy position in IREN.