IRYSUSDT.P: short setup from daily support at 0.030873

Nov 29

IRYSUSDT.P is currently showing signs of market participants exiting positions accumulated pre-listing. The asset is hovering near a psychological mark — its listing price. For two days, the price has consolidated above this level, with all attempts to rally ending in failure, which, given the broader bearish trend across the crypto market, suggests the downtrend is likely to continue. To confirm this outlook, the formation of a solid pre-breakout base following at least one test of the level is essential. However, given the potential for sharp upward reversals in such scenarios, the specific character of price action right at the critical level remains the deciding factor before any potential breakdown.

Key factors for this scenario:

• Global & local trend alignment
  
• Price void / low liquidity zone beyond level
  
• Correlation with the market
  
• Volatility contraction on approach
  
• Immediate retest
  
• Closing near the level

Factors that contradict this scenario:

• Lack of consolidation

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3 days ago

Order cancelled

Approached from a distance on high volatility. Should not be traded.