Over the weekend, Charles Hoskinson asked his followers on Twitter if Input Output Hong Kong (IOHK), the parent company of Cardano, should “pitch to Twitter a post-quantum ultrafast and identity-enabled doge sidechain of Cardano custom built for social networks.”
The tweet comes after Elon Musk’s successful completion of the acquisition of social media site Twitter last week.
ADA, the native token of Cardano, is currently trading at $0.403 after losing 3.43% of its value the previous day, according to CoinMarketCap. Even though the price of ADA has decreased over the past day, it has increased by 12.78% over the past week.
Over the past 24 hours, ADA’s daily trading volume has decreased as well. As the week begins, ADA’s daily trading volume has decreased 32.000% to $580,867,049 at the time of publication.
The 9 EMA line is trying to cross below the longer 20 EMA line in a bearish manner on the 4 hour chart for ADA.
The daily RSI line has also descended below the daily RSI SMA line and is now sloping down towards the oversold region.
On the ADA’s 4-hour chart, $0.40 represents the current support level. ADA‘s price could drop to the next support level at $0.375 if this level fails to hold.