Midnight is experiencing a sharp rise in token prices due to strong investor demand, breaking its all-time high. This project, associated with Cardano founder Charles Hoskinson, continues to attract attention while maintaining ongoing upward momentum.
NIGHT has already recorded significant returns, but technical signals and the macro environment suggest that there is still room for further increases.
Midnight holder, watching the dawn
Investor support for NIGHT is solid. The Chaikin Money Flow indicator remains in the positive territory above the zero line, confirming net inflows. Although this indicator has slightly declined over the past 48 hours, capital is still flowing into the asset, demonstrating ongoing trust rather than mere allocation.
Much of this demand stems from the association between Cardano founder Charles Hoskinson and Midnight. This connection has helped enhance the project's credibility and recognition.
In the short term, such narrative-based interest is expected to facilitate capital flow into NIGHT and support higher price levels.
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The macro environment also works favorably for NIGHT's performance. The token has a weak correlation with Bitcoin, making it less affected by the overall market's uncertainties. Thanks to this independence, NIGHT has been able to maintain its upward trend even if Bitcoin fails to regain momentum.
Low correlation positively affects emerging assets in Bitcoin correction phases. The fact that NIGHT can move based on its own fundamentals while Bitcoin does not show clear rebound signals is a significant strength. This structural advantage is likely to continue to support relative excess returns in the short term.
The price of the Midnight token surged 42.7% in 24 hours, trading around $0.093 at the time of writing. This rally set a new intraday all-time high of $0.096. Strong buying pressure and continued interest after the breakthrough are sustaining the momentum.
Bullish sentiment and a favorable macro environment support additional gains. If the current trend continues, NIGHT may challenge the $0.100 level. A 10-cent entry acts as a psychological milestone, potentially leading to increased speculative demand and strengthening momentum.
Risks still exist if holders decide to realize profits. If selling pressure increases, NIGHT could fall to the support level of $0.075. If this price breaks down, the bullish structure may weaken. If further declines follow, it could drop to $0.060, and the current bullish outlook could be invalidated, leading to increased volatility.
