Cardano's Price Plunges 4% Despite Japan Expansion

The Cardano Foundation has expanded its reach in Japan through a new partnership with Pacific Meta, a technology firm based in the country. Under the agreement, the two organizations will work together to help Japanese companies understand how Cardano's technology can solve business problems and build solutions.

The partnership is a significant development for Cardano, which has been gaining traction in the market. However, the price of ADA has dropped 4% in recent hours, despite the positive news.

The decline in price is attributed to the rise in shorts, with the funding rate turning negative and the Open Interest falling to around $258.6 million. The RSI and Chaikin Money Flow also indicate that capital is flowing out of ADA rather than into it.

While a short-term bounce is possible, the bears currently have the upper hand, with the RSI and CMF suggesting that ADA's price may continue to fall.