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Robinhood will end its support for a number of crypto tokens today, June 27 following an announcement made earlier this month. Among the tokens to be delisted are Polygon (MATIC) and Cardano (ADA).
The prices of both tokens dipped after the crypto trading platform’s initial announcement added to the overall negativity triggered by the US Securities and Exchange Commission (SEC)’s lawsuits against crypto exchanges Binance and Coinbase.
What’s the price outlook for the two tokens even as Bitcoin (BTC) bids to hold above the psychological $30k level?
Polygon price outlook
MATIC price fell 35% over two days when Robinhood announced its delisting on June 9, tanking from near $0.79 to $0.50. While bulls face pressure around $0.66, it’s likely a bounce to the $0.75 area could materialise and galvanise buyers.
One of the factors in favour of Polygon bulls is the increased exchange outflows for MATIC. Data shows that more holders have moved tokens to self-custody wallets, the potential impact of which is further reduction in selling pressure.
According to crypto analyst Michael van de Poppe, the dip to $0.50 resulted in “a chain reaction of liquidations on the long side.”
He notes that all these have since been taken up and a breakout is likely. However, MATIC/USD needs to flip $0.75 into support to provide a base for new upside momentum.
Cardano, like Polygon, fell sharply as the SEC labelled ADA a security earlier this month. ADA lost over 42% of its value in the week between June 5 and June 10, falling from highs of $0.37 to $0.22.
That was before the recent bounce across cryptocurrencies helped bulls push to $0.30.
Cardano price chart. Source: TradingView
But while ADA/USD is up nearly 10% this past week, the losses over the past 30 days amount to 24% at current prices of $0.28. The areas around $0.25 and $0.22 are key should bears strengthen in the short term.
Meanwhile, the flipside would have breaking above $0.30 again highlight $0.40 as the next major hurdle.
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