Cardano Tests 2022 Support | Oversold Bounce Setup?ADAUSDT SPOTBYBIT:ADAUSDTThe_Alchemist_Trader_Cardano price is revisiting the $0.28 historical support zone, a level that previously marked both the 2022 bear market bottom and the 2023 cycle low. This region aligns with the Value Area Low and the broader range low within the current high timeframe structure. Key Highlights: - Price testing major $0.28 historical demand - RSI in extreme oversold territory - Range structure still intact above support Momentum indicators show Cardano deeply oversold on the RSI, signaling that selling pressure may be nearing exhaustion. While oversold conditions do not guarantee an immediate reversal, they often precede relief rallies when combined with strong structural support. From a range perspective, Cardano continues to trade within a broader high timeframe consolidation. As long as price holds above $0.28, the probability favors a rotational move toward the range midpoint, and potentially higher toward the range high. However, a confirmed breakdown below this historical support would invalidate the bounce thesis and expose deeper downside levels. For now, technical confluence suggests this zone is critical for determining the next directional move.