IREN charges up after the pullbackThe price of IREN pulled back to the lower boundary of the expanding channel and touched the 100 period moving average on the 8 hour chart. The 48 zone acted as support earlier and buyers are showing interest there again. A base is forming. A breakout above 62 can activate movement toward 76 and later 100 where the next expansion target sits.
IREN operates large scale data centers and high performance computing infrastructure including bitcoin mining and enterprise hosting. The key advantage of the company is access to low cost renewable energy which keeps hash rate costs low and allows stable scaling.
The fundamental picture on November 26 remains stable. The company continues to expand its data center capacity. Leverage stays low. The bitcoin network maintains strong activity which supports revenue. Hash rate competition increases but operators with cheap energy access like IREN gradually strengthen their market position.
As long as the price stays above the 48 zone and above the 100 period moving average the recovery structure remains valid. A confirmed move above 62 opens the path to 76 and then 100 . A move below 48 will return price to deeper consolidation.
Even miners need a pause to recharge but after such pullbacks energy normally returns very quickly.
