Midnight Token NIGHT Eyes October Breakout After Strong Rally
Midnight's native token, NIGHT, has surged to $0.047 after a strong rally from late-September levels. This climb comes as the network transitioned to permissionless smart contract deployment, a move that could fuel further gains in October. The token is now testing resistance near $0.052, $0.055, with support holding firm around $0.044.
On October 5, NIGHT was trading at $0.04694 on Binance, up 5.98% for the session. The price had recovered from a low of $0.0443, though it remained below the early-October spike above $0.053. The rally has brought NIGHT back to price levels last seen in March, following a prolonged decline through spring and summer.
Midnight's recent update allows developers to deploy smart contracts directly to its mainnet without mandatory security reviews. This shift aligns with the network's focus on stability and security since its March mainnet launch. Google Cloud now supports Midnight through its Web3 portal, providing infrastructure for the protocol. Additionally, Gero Wallet's version 2.7.1 added full Midnight application support, shielded balances, and transaction-fee sponsorship.
Technical indicators show NIGHT trading above key moving averages, with the 20-day average at $0.03079. However, momentum has cooled slightly, as evidenced by the daily Bull Bear Power indicator. The 4-hour chart suggests that reclaiming $0.0481 could pave the way for another test of $0.052. A breakout above $0.055 would mark a 17% gain from current levels, with some analysts eyeing even higher targets.