VIP MARKET UPDATE: $NIGHT
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$NIGHT is trading around the 0.0344 area, sitting just above the descending trendline that has been guiding price lower since mid March without a single meaningful breakout attempt. The structure has been relentlessly bearish, with every recovery getting capped by the trendline and price consistently printing lower highs and lower lows. The current bounce off the trendline is the latest test, but the broader picture remains heavily in favor of the sellers.
As long as NIGHT stays below the descending trendline, currently sitting around the 0.0345 area, the bias remains bearish and any recovery is likely to face strong selling pressure. A clean break and close above the trendline would be the first genuine sign that the downtrend is losing steam, while a loss of the recent lows would simply continue the established pattern and open the door to deeper levels.
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