Midnight rose by 2% on Thursday, surpassing $0.0500, but the 50-period exponential moving average on the 4-hour chart may limit gains.
Charles Hoskinson announced the mainnet release of Midnight in late March as a partner of the Cardano network.
Technical forecasts indicate a gradual bullish shift in direction, with a higher low suggesting a potential bottom.
Midnight ($NIGHT ) has achieved a 2% increase at the time of writing this report on Thursday, driven by its founder, Charles Hoskinson, announcing the mainnet release by late March at the Consensus 2026 event. The technical outlook for Midnight highlights a potential bottom formation that could ignite the next bullish trend.
The announcement of the Midnight mainnet release boosts demand.
Charles Hoskinson, the founder of Cardano, announced the launch of the Midnight mainnet, a privacy-focused chain utilizing zero-knowledge proofs, by the last week of March. Midnight will operate as a partner to the Cardano network, aiming to provide privacy and regulatory support for decentralized applications.
According to Hoskinson, he has partnered with leading companies, "Google being one of them. Telegram another," he said. During his keynote, Hoskinson also announced plans to introduce LayerZero aimed at enterprises on the Cardano network to meet the increasing demand for transitioning traditional requests to the chain.
CoinGlass data shows that the open interest in futures contracts $NIGHT has increased by over 4% in the past 24 hours, reaching $31.72 million, indicating heightened demand from investors following the mainnet release date.
NIGHT derivatives data. Source: CoinGlass
Midnight will face multiple resistances.
Midnight is trading above the psychological level of $0.0500 at the time of writing this report on Thursday, reflecting a slight recovery on the 4-hour chart. The price action of the NIGHT token shows a higher low on the same chart after a series of lower lows, indicating a potential trend reversal.
However, short-term resistance remains at the 50-period exponential moving average at $0.0502, which may limit gains. If Midnight can surpass this moving average, it may target the upper supply zone between $0.0551 and $0.0558, near the 200-period exponential moving average at $0.0568.
Technical indicators on the 4-hour chart suggest renewed buying pressure, supporting the potential for a trend reversal. The Relative Strength Index (RSI) at 51 exceeds the midline after a brief period of consolidation, indicating increased buying pressure. Additionally, the Moving Average Convergence Divergence (MACD) surpasses the signal line while both remain below the zero line, indicating renewed bullish momentum.
The daily chart for the NIGHT/USDT price.
On the downside, a potential drop below Wednesday's low at $0.0472 would nullify chances of sustainable recovery. In such a case, deeper support areas exist at the lows of January 31 and February 5, at $0.0446 and $0.0413, respectively.
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