Cardano's Japanese Push Fails to Lift Price as Shorts Take Control

Cardano has expanded its presence in Japan through a partnership with Pacific Meta. However, despite this positive development, ADA's price has dropped by 4% due to increased short selling.

Charles Hoskinson, Cardano's founder, mentioned 'selective privacy' as one of the key features of the network, but did not specify what he meant by it.

The price drop saw ADA fall to $0.239 in a single hour on October 2nd, erasing most of its gains from earlier in the day. The Relative Strength Index (RSI) fell to 30.55, indicating that the coin is oversold and potentially due for a bounce.

The Chaikin Money Flow (CMF) also dropped to -0.10, suggesting more capital is leaving ADA than entering it. Open Interest fell by $258.6 million after the drop, with some traders closing their positions. The Funding Rate was negative at -0.0103, indicating that short sellers are now being paid to hold their bets against ADA.