With current sharp and impulsive decline on IOTUSD, seems like recent rally was corrective one in three waves A-B-C within wave B and the main reason can be a five-wave decline from the all-time highs as part of wave A. So, respecting the correlations in the crypto market, we wouldn't be surprised if IOTA drops back to lows for wave C before real bulls show up.

IOTA 4h Elliott Wave Analysis Chart

Even ADAUSD dropped exactly from projected target area for wave (5), so we are now observing bigger and deeper, higher degree A-B-C corrective decline which can ideally push it back to the former wave (4) and 1.0 support level.

ADAUSD 4h Elliott Wave Analysis Chart