IRYS soars 76% – Can bulls defend THIS crucial price range?

Key Takeaways

What is the price outlook for IRYS?

Based on the limited price action data at hand, the short-term outlook is bullish due to the recency of the launch, but caution is advisable.

What did onchain sleuths discover?

Their claims that 20% of the total airdrop was clustered in wallets controlled by a single entity were troubling, and haven’t been disproved yet.

Irys [IRYS] is up 76.2% in 24 hours, at press time. The mainnet only went live on the 25th of November, and the chain seems to have investor confidence so far.

Dubbed the data backbone of the AI economy, the datachain has a high throughput and storage capacity to handle AI-scale workloads.

It remains to be seen if the young network can live up to its promises. Its native token IRYS has a short-term bullish outlook, based on technical analysis of the available price action.

The age of the coin meant that price predictions based on analysis were limited to short-term outlooks. A Bitget trading competition with a total reward of 740k IRYS also helped boost sentiment.

A crypto sleuth pointed out that some clusters of wallets held a high amount of IRYS tokens, which they believed could be dumped onto the market. Another investigator reported that 20% of the initial airdrop allocation was claimed by a single entity.

This could lead to an Irys token sell-off over time, impacting potential price growth. Technical analysis was limited to providing only a short-term outlook due to the limited price action information.

IRYS bullish in the short-term as buyers defend…

Source: IRYS/USD on TradingView

The 30-minute timeframe showed a range formation (purple) between $0.04 and $0.053. These were the immediate levels to watch out for. A move beyond either extreme would likely see a price trend established in that direction.

It is unclear which way that would be. The OBV, like the price, has also been oscillatory in recent hours.

The on-chain developments related to the airdrop, if they gain further clarity, could greatly impact the market confidence in IRYS.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion