Cardano Price Plummets as Robinhood Mulls Delisting ADA Token

• Robinhood Markets Inc. is considering delisting Cardano (ADA) as it reviews its crypto offerings due to the US SEC’s lawsuit against Binance and Coinbase.
• ADA price dropped over 10% in less than three days and is currently on the brink of breaking below a bearish technical pattern called the ‘Rising Wedge’.
• The token’s recent price action has forced its 50-day EMA to needle below its 100-day EMA, forming another bearish pattern called the ‘Death Cross’.

Robinhood Might Delist Cardano

Robinhood Markets Inc. is currently reevaluating its crypto offerings, which include Cardano (ADA), Solana (SOL), and Polygon (MATIC). Dan Gallagher, Robinhood’s legal chief, told Congress that the firm might take action depending on the regulatory status of its crypto assets. Delisting from Robinhood could be a blow to Cardano’s native token, ADA.

ADA Price Drops 10%, Breaks Below Bearish Pattern

The price target of the pattern is equal to the height of the back of the wedge. If the token breaks below this bearish pattern, ADA price could drop over 52% to reach a theoretical price target of $0.16. Meanwhile, ADA price continued to fall after the SEC listed it as a crypto asset security in its lawsuit against Binance and Coinbase – dropping 6.9% on June 5th and then 5.1% on June 7th down to a daily low of $0.335 .

Rumors Increase FUD In Market

Furthermore, rumors abound that other investment firms might be considering delisting crypto assets; thus increasing Fear Uncertainty Doubt in the market surrounding ADA prices. Traders consider this negative sentiment an indicator for sellers and may push ADA prices towards immediate support near $0331 or even further down towards $0314 erasing all gains since March this year.

SEC Lawsuit Affects Crypto Market

Fallout from US SEC’s lawsuit against Binance and Coinbase is impacting wider crypto market with potential delistings from exchanges like Robinhood being a major blow for tokens like Cardano’s native token – ADA – whose prices are now on brink of breaking below bearish technical patterns like ‘Rising Wedge’ & ‘Death Cross’.


As speculation around Robinhood delisting continues & other investment firms mull over similar decisions – increased FUD could see prices for tokens like Cardano’s native token – ADA – dropping sharply by over 50%. Moreover, traders should keep an eye out for any changes in regulation affecting wider cryptocurrency markets as these can have significant impacts not only on individual tokens but entire sectors within cryptocurrency space at large