Close Menu
    Subscribe
    Wednesday, May 20
    Cryptocurrency

    Cardano Price Rises to $0.255 Amid Lace Wallet Scam Alert

    Julius AlagbeBy No Comments2 Mins Read
    Cardano Price Rises to $0.255 Amid Lace Wallet Scam Alert

    Cardano Price Rises to $0.255 Amid Lace Wallet Scam Alert

    Cardano (ADAUSD) price rose 2.08% to $0.255 over the past 24h, closely tracking a broad market rally and supported by positive ecosystem developments.

    The move is primarily driven by beta-driven momentum as the total crypto market cap rose 2.1%. According to crypto analysts, ADA’s positive price movement mirrors Bitcoin’s +2.36% rise and the total crypto market’s +2.1% expansion.

    This indicates the move was largely driven by broad market sentiment, which shifted to “Greed” (62) on the Fear & Greed Index.

    Two key developments provided fundamental support: EMURGO (a Cardano co-founder) launched SecondFi, a comprehensive neofinance platform.

    Technically, ADA is testing near-term resistance. A confirmed break above the $0.26 level could target the 161.8% Fibonacci extension at $0.265.

    The key near-term catalyst is progress toward the Protocol 11 (Van Rossum) upgrade, which aims to optimise network performance.

    Technical traders said if the price fails to hold the 7-day Simple Moving Average at $0.255, it risks a pullback toward the $0.25 support zone.

    The structure is cautiously bullish but requires a decisive breakout for conviction. A daily close above $0.26 on rising volume will confirm bullish momentum.

    The 24h gain is a combination of a favourable market beta and genuine ecosystem strength. The key test is whether ADA can decouple from the broader market and break technical resistance.

    The team behind Lace, Cardano’s official Web3 wallet, issued a scam alert on April 21. Fraudulent versions of the Lace app appeared on the Apple App Store and Google Play, attempting to steal users’ recovery phrases.

    The developers emphasised that the legitimate Lace mobile app has not been released yet and is only available as a desktop browser extension.

    Crypto analysts said this is a bearish reminder of persistent security risks in the ecosystem.

    While it shows proactive community protection, it underscores the threats ADA holders face and could temporarily dampen confidence for new users exploring Cardano wallets. XRP Rallies on ETF Inflows, Ripple Tops Binance Coin

    Share.

    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

    Related Posts

    Add A Comment

    Comments are closed.