Mapping Midnight’s path to $0.080 as NIGHT breaks KEY pattern

Is NIGHT on the verge of an uptrend bias

As per the altcoins price charts on the 4-hour timeframe, NIGHT had broken out of a descending wedge pattern.

The momentum was slowly going up with bulls buying the token. When writing, the price was testing a high-volume node at $0.5554, which is significant for its next move. Breaking through this level would pave the way for the next target at $0.08052.

However, there was a challenge to overcome. Massive sell orders were positioned at $0.07073, which could potentially impede this trajectory.

Still, there was reason to remain cautious, as the structural shift was not common across the board. Most coins were in the green, though structurally in the red.

For NIGHT, both had shifted, but that was not to be backed wholly. This was also true for another privacy coin, Decred [DCR], which rallied 31% on the previous day.

Activity and engagements follow the trend

As per data from DEXHunter on X, NIGHT led all other Cardano ecosystem coins in terms of daily volume traded.

NIGHT commanded a volume of 3.278 million ADA compared to 2.966 million ADA for the most-capped Cardano memecoin, SNEK. Others that made it into the list were stablecoins, proving there was enough liquidity on the chain.

Furthermore, the activity in terms of transactions and fees rose, showing participants were now interacting with Cardanos ecosystem coins. In fact, transactions grew from 32,114 to 57,441 in two days. They almost doubled, as per Cardanoscan.

Source: Cardanoscan

Also social engagements followed a similar path. The NIGHT token was mentioned several times, with community sentiment at 82% bullish, as per CoinMarketCap. The results further backed the rally seen in the altcoin.

Will the rally last？

However, the result was not enough to guarantee continued growth in price. For instance, derivative traders had reduced their long exposure. The reading, which was green, dropped to 0.0005% as of writing, suggesting long trades were reducing.