Soaring IREN stock reaches new peak in price history

In the world of tech stocks, IREN has been making waves this year. The company, which aims to emulate CoreWeave's business by offering an AI workload for developers, has been on a strong bull run. This surge in the stock's price has been particularly noticeable post the publication of its second-quarter 2025 quarterly report on August 14, 2025.

However, recent analysis of the IREN stock's performance suggests a potential plunge and retest of the support at $15.90 before resuming the uptrend. This common continuation sign, known as a break-and-retest, could indicate a temporary correction in the stock's price.

It's important to note that this article is for educational purposes only and does not provide investment advice.

The $15.90 level holds significant importance for IREN as it was the level at which the stock formed a double-top pattern back in 2024. A double-top pattern is a bearish reversal pattern that occurs when a stock price reaches a peak, pulls back, and then reaches the same peak level again, forming two consecutive peaks.

Despite the potential for a correction, analysts are optimistic about IREN's financial future. They anticipate a 342% annual increase in IREN's revenue for the current quarter, with an average estimate of $240 million. These predictions, coupled with IREN's annual revenue projected to reach $1.1 billion in the new financial year, paint a positive picture for the company's financial health.

Interestingly, the IREN stock is currently above the crucial resistance level at $15.90, a level it has struggled to break for some time. Moreover, the stock is much higher than the moving averages, another positive sign for bullish investors.

To fuel its AI workload offering, IREN has ordered thousands of Blackwell chips from Nvidia. The acquisition of these chips could potentially boost the company's capabilities and contribute to its continued growth.

As always, investors are advised to conduct their own research and consult with financial advisors before making investment decisions. The market is unpredictable, and while the signs point towards a potential correction for IREN, the stock's long-term prospects remain promising.