Summary

Popular trading platform Robinhood is set to delist several cryptocurrencies, including Polygon (MATIC) and Cardano (ADA), as a result of an earlier announcement. The prices of both tokens have already seen a decline after the recent negativity surrounding the US Securities and Exchange Commission’s (SEC) lawsuits against major exchanges Binance and Coinbase. Investors are now wondering what the future holds for these tokens, as Bitcoin struggles to stay above the $30k mark.

Polygon Price Outlook

The price of MATIC dropped by 35% in just two days after Robinhood’s announcement on June 9, falling from around $0.79 to $0.50. However, there is potential for a bounce back to the $0.75 area, which could reinvigorate buyers. One positive factor for Polygon is the increase in outflows from exchanges, as more holders move their tokens to self-custody wallets. This reduction in selling pressure could lead to a breakout if MATIC/USD manages to turn $0.75 into a level of support.

Cardano Price Outlook

Similar to Polygon, Cardano suffered a sharp decline after being labeled a security by the SEC earlier this month. In the week between June 5 and June 10, ADA lost over 42% of its value, dropping from highs of $0.37 to $0.22. However, there has been a recent bounce in the cryptocurrency market, allowing Cardano to climb back to around $0.30. Although ADA/USD has seen a 10% increase in the past week, it has still experienced a 24% loss over the past 30 days at the current price of $0.28. Key support levels to watch out for in the short term are $0.25 and $0.22, while breaking above $0.30 would indicate a potential move towards the next major hurdle at $0.40.

FAQs

1. Why is Robinhood delisting Polygon and Cardano?

Roinhood is delisting several cryptocurrencies, including Polygon and Cardano, as part of an overall adjustment to its supported tokens. The specific reasons for delisting these tokens have not been disclosed by the platform.

2. How have the prices of Polygon and Cardano been affected by the delisting?

Following the announcement of the delisting, both Polygon and Cardano experienced declines in their prices. Polygon’s price dropped by 35% over two days, while Cardano suffered a loss of over 42% in the week following the announcement.

3. Are there any positive factors for Polygon and Cardano despite the delisting?

For Polygon, an increase in exchange outflows suggests that more holders are moving their tokens to self-custody wallets. This could potentially reduce selling pressure and contribute to a positive price movement. As for Cardano, a recent bounce in the cryptocurrency market allowed ADA to recover some losses and show potential for further growth.

4. What are the key support and resistance levels to watch for in the short term?

For Polygon, a bounce back to the $0.75 area could provide support and attract buyers. As for Cardano, key support levels to monitor are $0.25 and $0.22, while breaking above $0.30 would signal a potential move towards the next major hurdle at $0.40.

Sources: CoinJournal