NIGHT/USDT Technical Analysis
Market Structure
Previously, the market experienced a strong upward rally followed by a sharp correction. After the peak near 0.10, the price entered a prolonged downtrend with lower highs and lower lows. This decline gradually slowed down as the price approached the 0.045–0.047 support zone.
Recently, the market appears to be forming a higher-low structure, which can be an early signal that selling pressure is weakening and buyers are slowly returning.
Trendline Support
Your drawn ascending trendline represents a key support level. The price recently touched this trendline and bounced upward, which confirms that buyers are defending this area.
As long as the price stays above this trendline, the probability of a bullish move increases.
Current Price Zone
The current price around 0.050–0.051 is a short-term resistance area. This level has previously acted as support and resistance, making it an important decision point for the market.
Key Levels
Support
0.048
0.045 (major support)
Resistance
0.055
0.060
0.067
Possible Scenarios
Bullish Scenario
If the price holds above the trendline and breaks the 0.055 resistance, the next potential targets could be:
0.060
0.065–0.070
This aligns with the upward arrow you drew in the chart.
Bearish Scenario
If the price breaks below the 0.048–0.045 support zone, the bullish setup would weaken and the market could move down toward 0.042.
Conclusion
The current structure suggests a potential bullish reversal, but confirmation requires a breakout above 0.055 with strong volume. Until then, the market remains in a consolidation phase.
$NIGHT @MidnightNetwork #night
