Cardano Approaches ‘Extreme Buy’ Zone as NIGHT Readies for Launch

Cardano Approaches ‘Extreme Buy’ Zone as NIGHT Readies for Launch – What’s Next?

Cardano (ADA) is currently experiencing significant price declines but is on the verge of a hopeful turnaround with the upcoming launch of its new token, NIGHT, scheduled for December 8th. As ADA holders navigate tough market conditions, they may find an opportunity as the token has dropped to a level often associated with potential recovery.

Key Takeaways

ADA wallet activity has decreased by 19.7%, leading to an extreme buy condition.
The launch of NIGHT is set for December 8th.
Despite its struggles, Cardano (ADA) continues to attempt a comeback.

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Official Launch Date for NIGHT

Charles Hoskinson, the founder of Cardano, has confirmed the launch date for the Midnight project’s native token, NIGHT, which will go live on December 8th. On this date, the team will begin distributing tokens, and trading will commence across various exchanges.

This announcement was made during Hoskinson’s keynote at The Midnight Summit. Midnight has quickly gained attention as one of Cardano’s most significant projects, focusing on creating privacy-friendly smart contracts and secure data sharing. Hoskinson emphasized the importance of privacy as an essential aspect of future blockchain applications, suggesting that Midnight may serve as a bridge among social blockchains, real-world uses, and potential cross-platform collaboration.

ADA Enters Extreme Buy Zone

As Midnight gears up for its token release, ADA finds itself at one of its lowest points in recent months. Data from Santiment indicates that active wallets over the past 30 days have decreased by 19.7%, placing Cardano firmly in the “extreme buy zone.”

Although the overall market is facing declines, ADA’s slide has been sharper than that of other key assets, including Chainlink (LINK), Ethereum (ETH), and Ripple's XRP (XRP), which are also suffering double-digit losses.

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Source: Santiment

While Bitcoin (BTC) has also seen declines, it remains in a milder "good buy zone." Many traders have reached significant losses, positioning ADA at a point where previous market cycles typically began to recover.

ADA Shows Weakness

At the time of writing, ADA is trading around $0.46 after enduring a series of price drops. Major exponential moving averages (EMAs) are positioned well above the current price, reflecting a clear bearish trend.

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Source: TradingView

The Relative Strength Index (RSI) suggests that ADA is near oversold conditions, while the Moving Average Convergence Divergence (MACD) remains in negative territory with no immediate reversal signals. Although there was a brief increase in buyer activity, overall momentum continues to be weak. ADA will require stronger demand before any significant recovery can take place.