The Midnight network’s NIGHT token climbed 17.73% toward the $0.03812 mark, breaking through the upper boundary of its ascending daily price channel. The September 30 rally lifted the token well above its prior trading zone near $0.028, extending an uptrend that followed a 21% weekly gain logged as of September 28.
The market recovery took shape gradually after NIGHT tumbled to around $0.017 in August. Throughout September, the token, which runs on Cardano’s infrastructure, printed a series of higher lows on the daily chart. This accumulation pattern generated sufficient volume momentum to propel the asset above its channel ceiling today.
Hoskinson’s Arsenal to Challenge Zcash
The catalyst driving the price came from comments made by Cardano founder Charles Hoskinson on September 28. Responding to a positive assessment from research firm Weiss Crypto, Hoskinson argued that Midnight has the technical capacity to outgrow established privacy coin projects like Zcash. He highlighted three key technical pillars underpinning the network: selective disclosure systems, private agents, and decentralized finance (DeFi) tools designed to operate seamlessly across multiple blockchains.
The token distribution schedule follows a phased vesting structure. Midnight has split the process into four unlock tranches of 25% each, executed every 90 days, taking a total of 360 days for the entire allocation to enter full market circulation. US-based token holders face an additional technical requirement for redemption: they must supply a Cardano network wallet funded with ADA to claim their NIGHT token allocations.
A 40% Upside Potential in Sight
Daily technical indicators reflected strong buying momentum across exchanges. The Aroon Up trend indicator maxed out at 100% while the Aroon Down line remained pinned at 0%, confirming a one-way bullish signal. The Awesome Oscillator mirrored this trend with a positive reading of 0.00617, accompanied by expanding green histogram bars on the chart indicating that buyers continue to dominate the market.
Immediate resistance now lies at the $0.04171 price level, roughly 9.4% above current levels and aligned with the peak of June’s recovery rally. If buyers can push past that hurdle, the next target sits at $0.05349, representing a 40.3% upside potential toward March highs. For market participants, testing these two resistance levels will prove decisive in showing whether the network’s new privacy tech can attract sticky capital or merely spark a fleeting celebration.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
