$IR – Profit Taking Signal at Local Top

Short $IR

Entry: 0.0845 – 0.086

SL: 0.0895

TP: 0.0810 – 0.0785 – 0.072

Price Action Description:

Following a vertical rally from 0.0674, IR is showing signs of exhaustion after hitting the 0.0879 mark. The 1h chart has just printed a large bearish engulfing candle that wipes out the previous upward momentum. Price is currently pressing against the MA7 support; a decisive break below this level will likely trigger heavy liquidations and profit-taking. I noticed that trading volume began to fade during the final leg up, suggesting the bulls are running out of steam. Expect a healthy correction toward the MA25 or even the MA99 zone as the market seeks a new equilibrium.

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IRUSDT

Perp

0.06305

-0.44%