NIGHT price remains steady at the $0.05 support level – Will it rise higher?

Just a week ago, Midnight (NIGHT) faced strong selling pressure at the $0.056 level, causing the price to drop to a low of $0.047. However, thanks to the overall recovery of the cryptocurrency market, NIGHT’s decline was halted and began to reverse.

Specifically, Midnight successfully held the critical support level of $0.05 and quickly rebounded to a local peak of $0.058. As of now, NIGHT is trading at $0.056, up 12.35% in the past 24 hours.

At the same time, NIGHT’s market capitalization reached a peak of $1 billion before slightly correcting to $941 million, indicating strong investor optimism.

Midnight Successfully Protects Key Support Levels

The recovery of the cryptocurrency market has driven strong buying momentum for NIGHT, helping this altcoin maintain the $0.05 support level and resume its upward trend.

According to recorded data, the Buy Volume Index compared to Price Pressure increased to 51, while selling pressure decreased to just 23. This reflects that although sellers are still active, buying power has overtaken and pushed NIGHT’s price higher in the short term.

Source: TradingView Moreover, the trading volume of buyers increased to 93 million, while the volume of sellers decreased to 36 million. This creates a positive net pressure of 57 million, clearly demonstrating strong accumulation from the spot market.

Rising demand in the spot market is often the main driver of an upward trend, helping NIGHT achieve higher prices in the future.

Derivatives Market Shows Overwhelming Optimism

Notably, as NIGHT began to recover from the previous correction, investors quickly engaged in the derivatives market to hold strategic positions.

According to data from CoinGlass, open interest (OI) increased by 18.45%, reaching $38.14 million, while derivatives trading volume surged by 45.9%, reaching $66.05 million at present.

Source: CoinGlass Typically, when OI and trading volume increase simultaneously, it indicates growing participation and capital inflow into the market, including both long and short positions. Notably, the Long/Short ratio for NIGHT has risen to 1.11, with Binance traders dominating, maintaining an average ratio of 1.

This ratio exceeding 1 suggests that most investors are optimistic and preparing for further upward movements.

Outlook: Is NIGHT’s Momentum Sustainable?

Midnight’s recovery momentum is driven by renewed demand across the market, especially after significant announcements regarding partnerships between Google and Telegram, along with plans to launch the mainnet by the end of March.

As a result, NIGHT’s Stochastic RSI has risen to 88, entering the overbought zone, while the Relative Vigor Index (RVGI) has increased to 0.09, further strengthening the current trend.

Source: TradingView When momentum indicators reach high levels, they often signal a strong bullish trend, favoring buyers. If demand for NIGHT continues, this altcoin could sustain its upward trend and target the resistance at $0.062.

However, it is important to note that sellers are still active, and if they succeed in reversing the market, NIGHT may test the support level of $0.05 again.

With strong buying pressure and optimism from both the spot and derivatives markets, Midnight shows potential for continued growth. Nevertheless, investors should remain cautious of sudden volatility from sellers, especially given the ongoing risks in the cryptocurrency market.

Mr. Giáo