Market Review
IRIS recently tried to break through the trendline resistance level, but then returned to the downward channel. The price is currently consolidating above the support level, creating expectations for a possible new breakout.
Graph Analysis
The chart shows that IRIS is currently trading within a downward channel, with the price fluctuating between an upper resistance level and a lower support level. The recent move indicates price stabilization above support, which could mean the market is gaining strength for further moves.
Possible scenarios
If IRIS manages to break out of the downward channel again, this may indicate a change in momentum towards the bullish trend. However, if the price does not stay above the support level, we can expect further decline within the channel.
Main conclusions
IRIS is at a critical stage, with the possibility of either a breakout or continued consolidation within the channel. Traders should closely monitor support and resistance levels to determine the future direction of the market.
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