Midnight has rapidly expanded its upward adjustment due to strong investor demand pushing the coin to reach a new all-time high. This project, associated with Charles Hoskinson, the founder of Cardano, continues to attract ongoing interest after managing to maintain its upward momentum.
Although NIGHT has already delivered unexpected returns, both technical signals and macro factors indicate that there is still potential for further upward movement.
Midnight holders are watching for a new dawn.
Investor support for NIGHT remains strong, with the Chaikin Money Flow index in positive territory above the zero line, indicating net inflows. Although this indicator has slightly decreased over the past 48 hours, capital continues to flow into this asset, reflecting ongoing confidence rather than profit-taking.
This majority demand is linked to Midnight with Charles Hoskinson, the founder of Cardano, and this connection helps enhance the credibility and recognition of the coin.
In the short term, interest driven by this narrative is likely to keep capital circulating into NIGHT and help maintain price levels at a high.
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Macroeconomic factors also positively affect NIGHT's performance, as this coin has a low correlation with Bitcoin, making it less impacted by overall market volatility. This independence allows NIGHT to continue moving upward even while Bitcoin is unable to regain momentum.
Low correlations are often beneficial for new assets during periods when BTC moves within a narrow range, and when Bitcoin lacks clear recovery signals, NIGHT's ability to rise based on its own fundamentals remains a significant advantage. This trend may continue to support the ability to outperform the market in the short term.
The price of Midnight surged 42.7% in the past 24 hours, trading near 0.093 USD as this news is being written. This surge has resulted in a new daily high of 0.096 USD. The momentum remains strong, reflecting aggressive buying and sustained interest following the breakout.
The positive atmosphere and favorable macroeconomic conditions also support further upward opportunities. If the current trend continues, NIGHT may break above the 0.100 USD level. Entering the 10-cent price zone would be a significant psychological milestone, potentially attracting more speculative interest and reinforcing momentum.
Risks remain if investors start taking profits, as this selling pressure may pull NIGHT's price back to the support level of 0.075 USD. Breaking below that level would weaken the upward structure, and the downward trend could continue down to 0.060 USD, which would invalidate the bullish hypothesis and increase volatility.
