Robinhood will end its support of a number of crypto tokens on June 27, which was announced earlier this month. Among these tokens are Polygon (MATIC) and Cardano (ADA).
The prices of both tokens dropped after the crypto trading platform’s initial announcement and the US Securities and Exchange Commission (SEC)’s lawsuits against crypto exchanges Binance and Coinbase.
What is the outlook for the two tokens now that Bitcoin (BTC) is attempting to stay above the psychological $30k level?
Polygon Price Outlook
MATIC price fell 35% in two days after Robinhood’s delisting announcement on June 9, going from near $0.79 to $0.50. While bulls face pressure around $0.66, it’s possible that a bounce to the $0.75 area may occur and encourage buyers.
One factor that favors Polygon bulls is the increased exchange outflows for MATIC. Data shows that more holders have moved tokens to self-custody wallets, which could reduce selling pressure.
Crypto analyst Michael van de Poppe believes that the dip to $0.50 caused “a chain reaction of liquidations on the long side.” He notes that these have since been taken up and a breakout is likely. However, MATIC/USD needs to flip $0.75 into support to create a base for new upside momentum.
Cardano Price Outlook
ADA also dropped sharply after the SEC labeled it 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.
Recently, the bounce in cryptocurrencies has helped bulls push to $0.30. However, ADA/USD has lost 24% in the past 30 days, currently at $0.28. Bears could gain strength if $0.25 and $0.22 become support.
On the other hand, breaking above $0.30 again would bring $0.40 as the next major hurdle.
