Midnight [NIGHT] was up 2.5% in the past 24 hours, at the time of writing, and up 18.1% for the week. It has outperformed Bitcoin [BTC], which was down 1.85% in a day and only up 0.3% over the past week.
Technical analysis showed that the uptrend was likely to continue. AMBCrypto investigated the immediate bullish targets and identified the points that could invalidate them.
A post on X observed that NIGHT took the top spot on CoinGecko’s trending token, surpassing the giants BTC and Ethereum [ETH]. Co-founder of IOHK and the Cardano [ADA] blockchain, Charles Hoskinson, commented that Midnight was “just getting started”.
Just over a week ago, NIGHT saw a 40% price retracement from $0.120 to $0.0718 in under three days. Since then, the altcoin has rallied 34%.
The $0.083, which had been a short-term resistance, was flipped to support and set up bullish short-term conditions.
Based on the rally earlier this month, a set of Fibonacci retracement levels was plotted. The rally came after a few days of sideways trading, with a structure break (cyan) being a clue of NIGHT gains to come.
The retracement to the 78.6% level at $0.073 also saw a few days of sideways trading under $0.083. A structure break on the 27th of December was followed by a move past the $0.09 local resistance.
The vastly reduced trading volume saw the CMF struggle to breach the +0.05 level despite considerable recent gains. This was a worry for NIGHT bulls.
It is possible, since demand appeared to be relatively weak. This could also be a consequence of the cooling of the inflated trader interest NIGHT held recently. A Bitcoin pullback could affect the market sentiment and hurt NIGHT.
This scenario appeared unlikely compared to a bullish outcome.
The H4 structure was bullish, and Bitcoin did not appear to be in immediate danger of dropping below $85k. The $0.1 psychological resistance level, if flipped to support, would offer a buying opportunity.
In this scenario, the Fibonacci extension level at $0.134 would be the next price target.
The liquidation map showed that a NIGHT price dip to $0.088-$0.09 was possible due to the cluster of high leverage long liquidations. Traders can use a dip to these levels to buy NIGHT as well.
