Cardano's Japan Push Falls Flat as ADA Price Drops 4%
The Cardano Foundation has partnered with Pacific Meta to expand Cardano's presence in Japan. As part of this partnership, the two organizations will work together to help Japanese companies understand how Cardano can solve business problems and build solutions. The Cardano Foundation will handle infrastructure and technical support, while Pacific Meta will focus on the local side, including understanding how Japanese enterprises operate and helping with go-to-market strategies.
Despite this development, the price of Cardano's native token, ADA, has dropped 4% in recent hours. According to data from TradingView, the price of ADA fell to $0.239 in a single hourly candle on October 2nd, erasing most of the day's gains. Earlier, ADA tested at $0.26 before sellers pushed it back.
The technical indicators are bearish, with the Relative Strength Index (RSI) falling to 30.55 and the Chaikin Money Flow (CMF) dropping to -0.10. This suggests that more capital is flowing out of ADA than coming in. Open Interest has also fallen to around $258.6 million, indicating that some traders have closed their positions. The Funding Rate is negative, with short sellers paying to hold their bets against ADA.
While a short-term bounce is possible, the bears currently have the upper hand.