• Charles Hoskinson asks his followers their opinion regarding a Doge sidechain.
  • ADA’s price is trading at $0.403 after slipping 3.43% over the last 24 hours.
  • The 4 hour chart for ADA/USDT is leaning toward bearish.

Charles Hoskinson posted a poll to Twitter over the weekend wherein he asks his followers if the parent company of Cardano, Input Output Hong Kong (IOHK), should “pitch to Twitter a post-quantum ultrafast, and identity enabled doge sidechain of Cardano custom built for social networks”.

The tweet follows after Elon Musk’s acquisition of the social media platform Twitter was successfully completed last week.

Cardano’s native token, ADA, is trading at $0.403 after its price dropped 3.43% over the last 24 hours according to CoinMarketCap. Even though ADA’s price has slipped over the last day, it is still up 12.78% over the last 7 days.

The daily trading volume for ADA has slipped over the last 24 hours as well. At press time, ADA’s daily trading volume has dropped 32.00% as the week kicks off – taking the total down to $580,867,049.

4 hour chart for ADA/USDT (Source: CoinMarketCap)

ADA’s 4 hour chart is slipping towards bearish as the 9 EMA line is looking to cross bearishly below the longer 20 EMA line. In addition to this, the daily RSI line has crossed below the daily RSI SMA line and is sloped negatively towards the oversold territory.

The current support level on ADA’s 4 hour chart is at $0.40. Should this level fail to hold, then ADA’s price is at risk of sinking to the next support level at $0.375.

On the other hand, if ADA’s price is able to close above the 20 EMA line on the next 4 hour close and prevent the bearish EMA cross, then the bearish thesis will be invalidated and ADA will consolidate for the next 8-12 hours.

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