Why is the Price of NIGHT Rising Today? A Move to $0.13 Could Happen

Why is the Price of NIGHT Rising Today? A Move to $0.13 Could Happen—But Only If…

Midnight [NIGHT] experienced a notable increase, rising by 2.5% in the last 24 hours and an impressive 18.1% over the past week. This performance outpaced Bitcoin [BTC], which saw a 1.85% decline in a single day and a modest increase of 0.3% over the week. Technical assessments indicate that this upward trend may continue, as AMBCrypto explores the immediate bullish targets while identifying potential points of failure.

Key Takeaways:

NIGHT's price has risen by 2.5% in 24 hours and 18.1% over the week.
Charles Hoskinson highlights NIGHT's potential on social media, contributing to its price increase.
A recent resistance level of $0.083 has turned into support.
A bullish price target could reach $0.134 if the $0.1 level becomes support.
Caution is advised as demand may currently be weak, and a bearish breakdown is possible, particularly if Bitcoin prices decline.

Why is NIGHT’s price up today? Hoskinson's comments spark bullish momentum

What’s Driving the Price Increase of NIGHT?

An analysis shared on X highlighted that NIGHT has climbed to the top of CoinGecko’s trending tokens, outshining major cryptocurrencies like BTC and Ethereum [ETH]. Charles Hoskinson, co-founder of IOHK and the Cardano [ADA] blockchain, mentioned that Midnight is "just getting started."

Just over a week ago, NIGHT faced a significant setback, with a 40% price drop from $0.120 to $0.0718 within three days. However, since then, the altcoin has rebounded by 34%. The previous resistance level of $0.083 has now shifted to support, establishing favorable short-term conditions for further gains.

Analyzing NIGHT’s Price Targets

NIGHT 4-hour Chart

Source: NIGHT/USDT on TradingView

To assess the potential price trajectory, Fibonacci retracement levels were plotted based on the earlier rally this month. This rally followed several days of sideways trading. The structure break (indicated in cyan) suggested that more NIGHT gains were likely to follow.

After the retracement to the 78.6% level at $0.073, a few days of sideways trading occurred below the $0.083 mark. A key structure break recorded on December 27 led to a movement above the local resistance at $0.09. Despite the recent gains, the significantly reduced trading volume caused the Chaikin Money Flow (CMF) to struggle in breaching the +0.05 level, raising some concerns among NIGHT bulls.

Is a Bearish Breakdown Possible?

A bearish breakdown is possible, primarily because demand appears relatively weak. This could be a result of the recent cooling in trader interest around NIGHT. A pullback in Bitcoin's price may also influence market sentiment and negatively impact NIGHT. Nevertheless, this bearish scenario seems less likely when compared to a potential bullish outcome.

Buying Opportunity After Breaching This Level

Currently, the H4 structure remains bullish, and Bitcoin does not seem to be at immediate risk of dropping below $85k. If the psychological resistance level at $0.1 transitions into support, it could provide a solid buying opportunity. In this case, the Fibonacci extension level of $0.134 would become the next target for prices.

NIGHT Liquidation Map

Source: CoinGlass

The liquidation map indicates that a price dip for NIGHT to the $0.088-$0.09 range is a possibility due to a concentration of high leverage long liquidations. Traders may want to consider utilizing any dips to these levels as an opportunity to purchase NIGHT.

Final Considerations

Disclaimer: The information presented in this article is not financial, investment, or trading advice, and solely reflects the writer's perspective.