Cardano expands in Japan – So why is ADA’s price down 4%?
ADA erased most of its intraday gains as selling pressure intensified and capital outflows accelerated.
Is Cardano [ADA] an integral part of the big player story now? The answer is yes.
The Cardano Foundation recently announced Pacific Meta as an Enterprise Integration Partner in Japan, with the goal of helping Japanese companies figure out where Cardano can actually solve business problems and build solutions.
Under the arrangement, the two organizations will share responsibilities. The Foundation handles the infra and technical support. Pacific Meta takes care of the local side: understanding how Japanese enterprises operate, helping with go-to-market, and doing the hands-on systems integration.
AMBCrypto previously reported that Cardano founder Charles Hoskinson expects Midnight [NIGHT] (the privacy-focused network), to become bigger than Zcash [ZEC].
ADA crypto price drops 4% as shorts take over
Has any of this done much for ADA’s price?
Cardano fell to $0.239 in a single hourly candle on the 2nd of October. That’s a reset of most of the day’s gains. Earlier, ADA tested at $0.26 before sellers pushed it back.
At press time, the RSI fell to 30.55, teetering at the edge of being oversold and well below its signal line at 51.59. The Chaikin Money Flow (CMF) also dropped to -0.10; more capital is flowing out of ADA than coming in.
Open Interest fell to about $258.6 million after the drop; some traders closed their positions. Meanwhile, Funding Rate was at -0.0103, so short sellers are now paying to hold their bets against ADA.
A short-term bounce isn’t off the table. But for now, bears have the upper hand.
Final Summary
- Cardano Foundation partners with Pacific Meta.
- ADA price drops; funding is negative and shorts took control.
