IOTA Crashes 7.06%, Faces High Risk of Further Downside

IOTA (IOTA) has been struggling on Tuesday, plummeting by 7.06% to $0.0382.

The cryptocurrency is currently trading below its key moving averages in both the short and medium term, indicating a firmly bearish setup.

Momentum indicators such as MACD, ADX, and oscillators signal strong downside momentum with oversold conditions extending.

Technical analysis suggests that IOTA/USD remains under pressure, trading below the 20-period and 50-period moving averages on the hourly chart and substantially beneath the 200-period moving average on the daily timeframe.