{"id":53320,"date":"2023-06-28T08:08:45","date_gmt":"2023-06-28T12:08:45","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=53320"},"modified":"2023-06-28T08:09:17","modified_gmt":"2023-06-28T12:09:17","slug":"cardano-price-support-in-peril-as-robinhood-delists-ada","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/cardano-price-support-in-peril-as-robinhood-delists-ada\/","title":{"rendered":"Cardano Price Support in Peril as Robinhood Delists ADA"},"content":{"rendered":"\n

As a result of delisting Cardano, SOL, and MATIC <\/a>on Tuesday, the leading trading app Robinhood triggered a minor sell-off.<\/p>\n\n\n\n

\"\"
Cardano Price Support in Peril as Robinhood Delists ADA<\/figcaption><\/figure>\n\n\n\n

Cardano price is perilously close to falling off a cliff due to another investor exodus prompted by the SEC's assault on the cryptocurrency market earlier this month.<\/p>\n\n\n\n

ADA, the Cardano ecosystem's native token, was listed among the 64 cryptocurrencies the SEC deemed securities. The regulator filed multiple lawsuits against two of the most prominent exchanges, Binance\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> and Coinbase, for listing unregistered security tokens and facilitating their trading.<\/p>\n\n\n\n

As anticipated, such occurrences tend to cause market instability, with the Cardano price declining from above $0.45 at the end of May to $0.22 on June 10. Despite the numerous attempts at recovery over the past two weeks, sustaining the trend reversal above $0.30 has become increasingly challenging. ADA is trading at $0.275 on Wednesday as the risk of further losses to $0.22 increases.<\/p>\n\n\n\n

Robinhood Delists ADA SOL versus MATIC<\/h2>\n\n\n\n


Leading trading app On Tuesday, Robinhood removed Cardano (ADA), Solano (SOL), and Polygon (MATIC) from its list of tradable assets, resulting in a minor sell-off. The platform announced on June 9 that it would discontinue support for cryptocurrency tokens<\/a> on June 27.<\/p>\n\n\n\n

Robinhood's decision followed the SEC's characterization of SOL, ADA, and MATIC as security tokens, which led to lawsuits against Binance and Coinbase. Notably, the exchanges were accused of much more than simply listing tickets the SEC considered securities, such as Binance's practice of commingling customer funds.<\/p>\n\n\n\n

Robinhood users can still buy and sell 15 crypto tokens, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), despite the delisting.<\/p>\n\n\n\n

Where is The Price of Cardano Headed?<\/h2>\n\n\n\n


The Moving Average Convergence Divergence (MACD) indicator maintains a buy signal displayed during ADA's first attempt to recover from $0.22 support. Another daily close below the immediate resistance at $0.30 would strengthen the bearish position.<\/p>\n\n\n\n

In other words, reclaiming the resistance would be arduous, leaving the Cardano price susceptible to losses targeting $0.22.<\/p>\n\n\n\n

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ADA\/USD chart | Tradingview<\/figcaption><\/figure>\n\n\n\n

With ADA trading substantially below all applied moving averages, such as the 50-day EMA, 100-day EMA, and 200-day EMA, the odds may favor the ongoing decline.<\/p>\n\n\n\n

The abrupt decline of the relative strength index (RSI) from nearly overbought conditions indicates that sellers hold the upper hand. Cardano Bulls <\/use><\/svg><\/span><\/a>may attempt to limit their regional losses between $0.25 and $0.30.<\/p>\n\n\n\n

Traders interested in placing new purchase orders in ADA must wait until the asset exhausts the uptrend at $0.22 or recovers above $0.30. On the upside, resistance is anticipated at $0.32, where the 50-day exponential moving average (EMA) is anchored at $0.36 and $0.40, respectively.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

As a result of delisting Cardano, SOL, and MATIC on Tuesday, the leading trading app Robinhood triggered a minor sell-off. Cardano price is perilously close to falling off a cliff due to another investor exodus prompted by the SEC’s assault on the cryptocurrency market earlier this month. ADA, the Cardano ecosystem’s native token, was listed […]<\/p>\n","protected":false},"author":53,"featured_media":53328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,81],"tags":[5571,6322,6022],"class_list":["post-53320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-altcoin-news","tag-ada-2","tag-cardano-news","tag-robinhood-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/CD-1.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=53320"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53320\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/53328"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=53320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=53320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=53320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}