IREN Shares Drop 47% from High, B. Riley Maintains Buy Rating
- Stock Volatility: IREN shares have fallen 47% since reaching a 52-week high on November 5; however, B. Riley maintains a buy rating and a $74 price target, indicating analysts see the current price as a potential entry point for investors.
- Industry Performance: During the same period, mining stocks dropped about 25% on average, with IREN underperforming both bitcoin mining peers and high-performance computing companies, highlighting its relative weakness in the market.
- Capital Structure: IREN plans approximately $11.6 billion in capital expenditures for high-performance computing (HPC), with a significant portion allocated to large-scale GPU deployments and a strategic partnership with Microsoft, and analysts estimate that about $8.85 billion in funding is already secured.
- Market Sentiment: B. Riley analysts suggest that the 47% decline is sentiment-driven rather than indicative of a fundamental breakdown in IREN's business, viewing this as an opportunity for investors to build positions ahead of a potential recovery in AI market enthusiasm.
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Technical Analysis for AI
Technical Sentiment Analysis for Sleepless AI (AI). As of , Sleepless AI (AI) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 1 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for AI 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 crypto.
Support, Resistance & Moving Averages. From a structural perspective, AI 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 $-.
Sleepless AI (AI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0167 | 0.019 | 0.0211 | 0.0234 | 0.0255 | 0.0278 | 0.0299 |
| Fibonacci | 0.019 | 0.0207 | 0.0217 | 0.0234 | 0.0251 | 0.0261 | 0.0278 |
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