IREN Shares Plunge 55% from Year-to-Date Peak Due to Concerns Over AI Bubble
IREN Stock Decline: IREN's stock price has plummeted over 55% from its peak of $76 in November, currently trading at $35, marking its lowest level since September amid concerns over the AI bubble.
Impact of Earnings Reports: The decline accelerated following disappointing earnings reports from major AI companies like Oracle, which reported negative cash flow, contributing to a broader market downturn in AI-related stocks.
Funding and Competition: IREN recently raised over $2 billion to strengthen its position in the AI sector, but faces increased competition from other companies, which may impact its pricing power and margins.
Bitcoin Price Pressure: The stock's performance is also tied to Bitcoin's price, which has dropped significantly, affecting IREN's revenue as it relies heavily on Bitcoin mining. Technical analysis suggests a continued bearish trend unless it surpasses key resistance levels.
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Technical Analysis for ADA
Technical Sentiment Analysis for Cardano (ADA) As of , Cardano (ADA) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ADA stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ADA is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Cardano (ADA) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.124 | 0.172 | 0.226 | 0.274 | 0.328 | 0.376 | 0.429 |
| Fibonacci | 0.172 | 0.211 | 0.235 | 0.274 | 0.313 | 0.337 | 0.376 |
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