Cardano Price Pulls Back 3% Amid Debunked Trump Memecoin Rumor and High Weekend Volume
The Cardano price has pulled back by 3% to $0.21996 after surging sharply last week and breaking above several key resistance levels, including the 0.5 Fibonacci retracement level at $0.21323. The pullback comes as a rumor about a new Trump-linked memecoin launch was debunked, which had briefly rattled the market.
Despite the dip, the Cardano price remains above the 0.5 Fibonacci level and is still holding above the Supertrend indicator's shorter setting at $0.18. The longer Supertrend reading at $0.22 sits just above current price as the immediate hurdle, while the four EMAs all sit below price.
The Cardano derivatives volume fell 41.07% to $686.19M over the past 24 hours, with positioning still leaning bullish across major exchanges. The Jackson Hole Symposium later this week will be closely watched by traders for any signals on how policymakers view current economic data.