WIF what's Next... Reversal ?????

Key Observations:
Price Action:

The price is currently trading around $0.6584.
The chart shows a strong downtrend from a previous high above $4.00, indicating a long-term bearish trend.
The price has reached a major support zone (marked in green), which aligns with previous accumulation levels before the big uptrend.
Support & Resistance Levels:

Major Support: Around $0.60 - $0.65, where price has previously consolidated.
Major Resistance: Likely around $1.00 (psychological level) and $1.50.
RSI (Relative Strength Index):

Current RSI: 23.97, which is in oversold territory (<30).
This suggests that the asset is heavily oversold and could be due for a bounce or relief rally.
However, RSI alone isn't a strong reversal signal; price action confirmation is needed.
Market Sentiment & Potential Scenarios:

Bullish Case: If the price holds the $0.60 - $0.65 support and forms a bullish pattern (e.g., double bottom, higher low), we could see a bounce towards $1.00 - $1.50.
Bearish Case: If the support breaks, the price could move lower, possibly towards $0.50 or lower before finding new support.
Trading Plan & Risk Management:
Potential Long Entry: If price consolidates above $0.65 with increasing volume and bullish structure.
Stop-Loss: Below $0.58 - $0.60 in case the support fails.
Profit Targets:
First target: $1.00 (psychological level).
Second target: $1.50 (previous resistance zone).
Confirmation Needed: Look for a bullish engulfing candle, increasing volume, or RSI divergence before entering a long position.
Conclusion:
The chart shows oversold conditions at strong historical support.
A potential bounce could happen, but confirmation is needed before entering a trade.
Risk management is crucial, as a breakdown below support could lead to further downside.