Polygon and Cardano prices may be affected as a major crypto trading platform delists their tokens.
- Polygon (MATIC) was trading at around $0.66 on Tuesday, while Cardano (ADA) was hovering above $0.28.
- Both MATIC and ADA experienced a sharp drop in price when Robinhood initially announced that it would no longer be supporting trading for these tokens.
Robinhood is ending its support for a number of crypto tokens, including Polygon (MATIC) and Cardano (ADA), today, June 27th, following an announcement made earlier this month.
The prices of both tokens decreased after the initial announcement by the crypto trading platform, adding to the overall negativity triggered by the US Securities and Exchange Commission (SEC)’s lawsuits against crypto exchanges Binance and Coinbase.
Despite Bitcoin (BTC) attempting to hold above the psychological level of $30k, what is the price outlook for the two tokens?
Polygon price outlook
When Robinhood announced its delisting on June 9th, the price of MATIC fell 35% over two days, dropping from nearly $0.79 to $0.50. While bulls face pressure around $0.66, there is a chance that a bounce to the $0.75 area could occur and attract buyers.
- Bitcoin may face price turbulence as it tests the $30,000 mark, according to First Mover Asia.
- OKX launches ‘Nitro Spreads’, enabling one-click basis trading.
- Whale reduces Ether-Bitcoin volatility before options expiry.
One of the factors in favor of Polygon bulls is the increased exchange outflows for MATIC. Data shows that more holders have moved tokens to self-custody wallets, which could further reduce 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.
Like Polygon, Cardano also experienced a sharp drop in price when the SEC labeled ADA a security earlier this month. ADA lost over 42% of its value in the week between June 5th and June 10th, falling from highs of $0.37 to $0.22.
However, with the recent bounce across cryptocurrencies, bulls were able to push ADA to $0.30.
On the other hand, breaking above $0.30 again would highlight $0.40 as the next major hurdle.
