IOTA Technical Analysis: Falling Trend Approaches $0.50 Mark

IOTA coin price shows a bearish continuation within the falling channel teasing a potential fall to the psychological barrier at $0.50. Key technical points: The MACD and signal lines continue a downtrend below the zero line. The IOTA coin price has descended by 25% within two weeks. Finally, the 24-hour trading volume of IOTA is $33.64 Million, marking an 85% rise. Past Performance of IOTA The downfall in the IOTA coin price accounts for a decline of 30% last fortnight within the falling channel. The downfall cracks under the $0.70 mark as the selling pressure increases. Hence, the sudden increase in volume supporting the downfall reflects a surge in underlying bearishness. Source-Tradingview IOTA Technical Analysis As the selling activity increases, IOTA coin price action showcases a bearish cycle within the falling parallel channel. Therefore, the downtrend hints at the support trendline fallout. A cluster of EMAs (20, 50, and 100) maintains a bearish formation in the daily chart, with a significant spread among the falling EMAs. RSI Indicator: The RSI slope projects downward in the nearly oversold zone after the halfway mark fallout. Moreover, the 14-days SMA keeps the bullish reversal in check and might shortly push the RSI values under the oversold zone. MACD Indicator: The MACD and signal lines show a downtrend in bearish alignment, crossing into the negative territory. Hence, the indicator reflects a surge in underlyin...