Miota ($IOTA)Weekly TF Elliott Wave Crypto Analysis FIB TCIOTACRYPTO:IOTAUSDAnakynUpdated Analysis of the IOTA/USDT Weekly Chart Using Elliott Wave Principle Overview & Market Structure: The weekly chart shows a prolonged bear market extending from the 2021 peak near $2.75. Since then, price has respected a series of declining trend channels and has continued to print lower highs and lower lows. Key observations: • The advance into the $0.40-$0.50 area now appears to have been a corrective Wave (4). • Price subsequently completed a 5th wave structure into the current low. • The market is now testing a historically important support region. • RSI remains near long-term oversold territory, similar to previous major cycle bottoms. • Selling momentum has weakened considerably compared to earlier stages of the bear market. Current Elliott Wave Interpretation: The preferred count suggests that the entire C wave decline from the 2021 high may now be completing a large five-wave bearish sequence. If this count is correct, the market may be forming a major cycle low rather than merely another temporary bounce. However, confirmation requires a decisive break above the most recent sequence of lower highs. Bullish Scenario: Evidence supporting a potential long-term reversal: • Completed five-wave decline. • Extreme pessimism and depressed valuation. • RSI stabilising after prolonged oversold conditions. • Price trading near historical support and channel support simultaneously. • Potential bullish divergence developing between price and momentum. For a genuine bull market to begin, IOTA must reclaim $0.50. Above $0.80, the probability increases significantly that a larger motive wave is in progress. Potential Upside Targets Should a new bull cycle emerge, the major resistance levels become: 1. $0.10-$0.15 * Initial recovery zone. 2. $0.25-$0.40 * Prior consolidation and structural resistance. 3. $0.60-$0.85 * Major Fibonacci retracement cluster visible on the chart. 4. $2.68-$2.75 * Previous cycle high extension target and key Fibonacci projection. 5. $5.80-$6.70 * Long-term extension zone corresponding to the upper Fibonacci targets shown on the chart. Conclusion: IOTA appears to be in the late stages of a multi-year bear market, potentially completing a large Elliott Wave capitulation pattern. The technical picture is becoming increasingly attractive from a contrarian perspective, but confirmation of a new bull cycle has not yet occurred. The most likely interpretation today is: * Bear market: likely very mature. * Major bottom: possible and increasingly probable. * First major confirmation level: approximately $0.10-$0.15. * Long-term upside potential remains substantial if a cycle low is indeed forming.