Midnight’s Rally Faces $0.05 Resistance as Buyers Test Key Level
Midnight ($NIGHT) has surged over 10% in the past 24 hours, extending its 30-day gains to more than 115%. This rally mirrors the recent momentum in Cardano (ADA), its parent chain, driven by fundamentals and narrative-based buying despite low on-chain activity.
The surge in $NIGHT can be attributed to Cardano’s double-digit gains and the broader interest in privacy coins like Zcash (ZEC). As the privacy layer for the Cardano ecosystem, $NIGHT has seen its trading volume spike by 224% in the past 24 hours, reaching $463.6 million over the past week. However, trading activity has been declining, with the daily average dropping from $112 million on October 1 to about $32 million, which has hindered $NIGHT’s ability to break past the $0.05 resistance level.
$NIGHT has been in a strong uptrend since breaking above the 20-day EMA, supported by accumulation at $0.02 and three successful bounces off this EMA. The altcoin is currently trading above both the 50-day and 200-day EMAs, with the RSI and MACD indicating strong buyer interest. However, the four-hour timeframe shows consolidation just below $0.05, with two recent rejections at this level suggesting short-term bearish control.
Despite these challenges, $NIGHT remains bullish in the short term, trading above the MA Cross and benefiting from a positive Aggregated Funding Rate of 0.0041%. Breaking above $0.05 remains a key hurdle, but a drop below the slanting support or the demand zone at $0.044 could cap further upside.