$IRIS /USDT Technical Analysis and Trade Signals
Current Price: $0.01033
24h High: $0.01163
24h Low: $0.00971
Technical Analysis
Trend: The IRIS/USDT pair is currently in a downtrend based on the recent price movement, as it has fallen by 10.41% in the last 24 hours. The price is near its 24h low, indicating possible further downward pressure or a potential reversal.
Support: The primary support level is around $0.0097, which aligns with the 24h low. A break below this could trigger further downside movement.
Resistance: Immediate resistance is near $0.0109, followed by the 24h high of $0.01163. If the price can break above these levels, we could see a price bounce.
Indicators:
RSI (Relative Strength Index): RSI is currently in the oversold territory (below 30), suggesting a potential for price reversal or consolidation.
MACD (Moving Average Convergence Divergence): The MACD line is nearing the signal line, which could indicate a bullish crossover if it moves upward, confirming a potential price rally.
Trade Signals and Target Levels
1. Bullish Scenario (Price Reversal):
Entry Point: $0.0098 (near support)
Target 1: $0.0103 (near resistance zone)
Target 2: $0.0109 (strong resistance)
Target 3: $0.0113 (potential for breakout)
Stop Loss: $0.0095 (below support)
Momentum: A reversal could take place if IRIS/USDT holds above support at $0.0097 and confirms a bullish RSI signal. The trade would target a 5%-10% gain from entry point to Target 3.
2. Bearish Scenario (Continued Downtrend):
Entry Point: $0.0100 (rejection at resistance)
Target 1: $0.0097 (24h low)
Target 2: $0.0094 (next support level)
Target 3: $0.0090 (further downside potential)
Stop Loss: $0.0105 (above resistance)
Momentum: If price fails to break above $0.0109, the bearish momentum could persist, leading to further downside. A break below $0.0097 would confirm a continuation of the downtrend.
Trade Recommendation
For bullish traders: Enter around $0.0098 if the price shows support and RSI is oversold, aiming for the resistance levels ($0.0109, $0.0113)