CoinEfficiency

Cardano's ADA Price Analysis: Hoskinson's Doge Sidechain Poll Sparks Interest

Charles Hoskinson gauges community opinion on a Doge sidechain for Cardano as ADA's price shows bearish signals on the 4-hour chart.
Published on 2022-10-31

Cardano's ADA Price Analysis: Hoskinson's Doge Sidechain Poll Sparks Interest

Charles Hoskinson Seeks Community Input on Doge Sidechain

Charles Hoskinson, founder of Cardano, recently conducted a Twitter poll asking followers if Input Output Hong Kong (IOHK) should propose a post-quantum, ultrafast, and identity-enabled Doge sidechain tailored for social networks. This initiative follows Elon Musk's successful acquisition of Twitter, highlighting the potential integration of blockchain technology with social media platforms.

ADA Price Trends

Cardano's native token, ADA, is currently trading at $0.403, reflecting a 3.43% drop over the past 24 hours. Despite this short-term decline, ADA has gained 12.78% over the last seven days. The daily trading volume has also decreased by 32.00% to $580,867,049, indicating reduced market activity as the week begins.

Technical Analysis of ADA's 4-Hour Chart

The 4-hour chart for ADA/USDT shows bearish tendencies. The 9 EMA line is nearing a bearish crossover below the 20 EMA line, while the daily RSI line has dipped below the RSI SMA line, moving negatively toward oversold territory.

Key Support and Resistance Levels

  • Current Support Level: $0.40
    If this level fails, ADA's price may drop to the next support at $0.375.
  • Potential Consolidation:
    If ADA closes above the 20 EMA line in the next 4-hour session, the bearish outlook could be invalidated, leading to consolidation for the next 8-12 hours.

Conclusion

Charles Hoskinson's poll underscores the importance of community input in shaping Cardano's future projects. Meanwhile, ADA's price action suggests caution, with critical support levels to watch in the short term.

Disclaimer: The information provided is for educational purposes only and should not be considered as investment advice. Always conduct your own research before making any financial decisions.

What is Coinefficiency?

Coinefficiency is your go-to platform for optimizing cryptocurrency trading, investments and strategies. We provide a comprehensive suite of tools to analyze market trends, monitor price movements, and execute effective trading strategies. Whether you're a seasoned trader or new to crypto, Coinefficiency helps you maximize your profits with data-driven insights.

Why Use Coinefficiency?

  • Advanced market analytics to identify trading opportunities.
  • Compare markets relative performance.
  • Understand market cycles over time. See market levels.
  • Compare buy-and-hold, portfolio rebalancing, Dollar-Cost-Averaging trading strategies.

With Coinefficiency, you can stay ahead of the market and execute efficient trading strategies effortlessly.

Get Started with Coinefficiency

Ready to optimize your crypto investments? Take control of your portfolio with cutting-edge tools designed for both beginners and experts.