After 200% Rally Since Start of 2020, Cardano (ADA) May Suffer a Retracement

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It’s been a great year thus far for Cardano (ADA). The popular altcoin, currently the seventh-largest cryptocurrency, is up by around 200% since the start of 2020. And from the March capitulation lows, it’s up even more, gaining around 800%. Chart of Cardano’s (ADA) price action since the start of 2020. Chart from TradingView.com While there are some that think the asset is poised to gain even more, there may be some harrowing on-chain and technical signs. Is Cardano (ADA) Primed to Retrace? According to a cryptocurrency trader, ADA’s price action is not looking good on a macro scale. He shared the chart below to convey this point. It shows that the prominent altcoin has printed two topping candles at the $0.13-0.14 range while the one-week RSI has reached into the overbought region. Analysis of ADA by “CryptoDude” (@Cryptodude999 on Twitter). Chart from TradingView.com Another analyst shared this sentiment. He…

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