Key Levels and Technical Analysis for #IRIS/USDT
$IRIS


The IRIS/USDT chart shows a strong support level at $0.01242, confirmed by multiple tests on both the 1-hour and 4-hour timeframes. This level is critical as it indicates a zone where buyers consistently enter the market, providing price support. The key resistance level is identified at $0.01382, aligning with the 200 SMA on the 1-hour chart. This resistance is crucial; a break above it could signal a short-term trend reversal. Another resistance level to watch is at $0.01544, slightly above the 200 SMA on the 4-hour chart, indicating potential further gains if breached.

The RSI on the 1-hour chart is around 67.15, suggesting the asset is nearing the overbought territory, which may lead to a price correction. On the 1-day chart, the RSI is around 41.08, indicating a neutral position but approaching oversold levels, potentially triggering a bullish reversal. The MACD on the 1-hour chart shows a slightly bullish crossover, while on the 1-day chart, the MACD remains in negative territory but is nearing a bullish crossover, hinting at a possible trend change or at least a pause in the downtrend.

Overall, the charts indicate a dominant downtrend with short-lived recoveries, particularly after hitting the $0.01242 support. Given the oversold conditions in higher timeframes, a short-term price increase towards the $0.01382 resistance level is possible before facing significant resistance.

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research before making investment decisions.

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