Cardano Investors Swing to This Exciting Virtual Reality ICO, Chasing Potential 2,300% Profits
As the Cardano (ADA) price struggles to gain traction, investors are turning to a new virtual reality ICO called 5thScape (5SCAPE) to chase potential 2,300% profits.
Cardano is currently stuck in a downtrend from its 2024 highs above $0.80. The 21DMA is also providing strong resistance. Last at $0.468, ADA is down over 10% from earlier weekly highs.
The cryptocurrency is down more than 40% from its March highs. Altcoins have suffered in recent weeks as macro headwinds have picked up.
The latest US Core PCE inflation data emphasized that core price pressures in the US are still uncomfortably high, supporting the notion that the Fed will wait until later in 2024 before cutting interest rates.
Here is Powells favourite inflation gauge.
PCE Core Service Less Housing MoM up almost 0.6%
TOO much.. End of discussion pic.twitter.com/yEBlWeV1MA
— Andreas Steno Larsen (@AndreasSteno) February 24, 2023
Unsurprisingly, US bond yields and the US dollar are close to multi-month highs.
In addition, fading inflows into spot Bitcoin ETFs have recently been a major altcoin headwind, with cryptocurrencies like Cardano having been at the forefront of the battering.
While ADA is over 15% up from earlier monthly lows, risks are still tilted to the downside.
There is a good chance that ADA will mount a more sustained recovery in the months and quarters ahead.
Most assume that we are still in the middle of a crypto bull market.
Continued disappointing growth in Cardano’s web3 ecosystem, which suggests a lack of adoption, is concerning.
As per DeFi Llama, Cardano’s total value locked (TVL) was last $368 million. TVL refers to the value of crypto locked in smart contracts on a blockchain.
Cardano’s TVL currently ranks 26th, suggesting the ADA price could be
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