IRISnet Price Prediction 2021 – Will IRIS Hit $0.60 Soon?

IRISnet Price Prediction 2021 - Will IRIS Hit $0.60 Soon?
  • Bullish IRIS price prediction ranges from $0.14 to $0.51.
  • The IRIS price might also reach $0.60.
  • IRIS bearish market price prediction for 2021 is $0.06.

In IRIS price prediction 2021, we use statistics, price patterns, ADX, and much other information about IRIS to analyze the future movement of the cryptocurrency

IRISnet is a blockchain platform that aims to bring full DeFi capabilities to the Bitcoin ecosystem. The network uses a hybrid Proof of Stake / Proof of Work consensus mechanism and leverages Bitcoin’s security by stabilising the Bitcoin blockchain every few blocks.

Current Market Status of IRISnet (IRIS)

According to Coingecko, the price of IRIS is $0.11 with a 24-hour trading volume of $9,428,660 at the time of writing. However, IRIS dropped to 1.16% in the last 24 hours.

Moreover, IRIS has a circulating supply of $121,541,363 IRIS coins. Currently, IRIS trades in cryptocurrency exchanges such as Binance, BiONE, Pionex, Huobi Global and BKEX. 

IRISnet (IRIS) Price Prediction 2021

IRISnet (IRIS) holds the 363th position on Coingecko right now. IRIS price prediction 2021 explained below with a daily time frame. 

IRIS/USDT Ascending Channel Pattern (Source: Tradingview)

The price action contained between two parallel upward sloping lines is defined as an ascending channel. Higher highs and lower lows distinguish this price pattern. An ascending channel is formed by connecting the swing lows with a lower trend line and the swing highs with an upper channel line.

A breakout above an ascending channel may indicate that the upward trend will continue, whereas a breakdown below an ascending channel may indicate that the trend will change.

Currently, IRIS is trading at $0.11. After this, IRIS may continue to fall or rise according to the direction of breakout. With this pattern, IRIS might reach the resistance level at $0.51 soon, if the trend breaks out at $0.15. If the trend reverses, then the price of IRIS may fall to $0.06.

IRISnet (IRIS) Support and Resistance Level

The below chart shows the support and resistance level of IRISnet (IRIS). 

IRIS/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support level of IRIS.

  • Resistance Level 1 – $0.14
  • Resistance Level 2 – $0.30
  • Resistance Level 3 – $0.51
  • Support Level 1 – $0.06
  • Support Level 2 – $0.03

The chart depicts the bearish performance of IRIS over the previous month. However, this trend will continue to reach resistance level at $5.21 soon. On the contrary, if the trend reversed then IRIS might fall to $2.31 presenting a bearish signal.

IRISnet (IRIS) Average Directional Index (ADX)

Let us now look at IRIS’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

IRIS/USDT ADX (Source:TradingView)

The above chart represents the ADX of IRIS with the range at 36.61, so it indicates a strong trend.

Conclusion

The IRIS is one of the cryptos which is great for long-term investment. In addition, IRIS price prediction will be bearish or bullish, until the breakout direction is confirmed. But, it has a good chance of reaching $0.51 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the IRIS ecosystem, the performance of IRIS would rise reaching $0.51 very soon. But, it might also reach $0.60 if the investors believe that IRIS is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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