Headline: NIGHT surges on Midnight launch optimism — but short-squeeze levels spark caution NIGHT, the utility token tied to Midnight — a privacy-focused Cardano sidechain slated to go live in the final week of March — has seen renewed momentum this week. After briefly tagging $0.065, NIGHT pulled back about 5.19% in under eight hours, but still posted solid gains: roughly +8.78% over 24 hours and +23.78% on the week, per CoinMarketCap. Why the move - The approaching Midnight mainnet has boosted demand for NIGHT, as investors position for the sidechain’s launch. - AMBCrypto notes a key former resistance level (around $0.05) has flipped to support, giving bulls an important foothold. Key technicals and levels - Short-term structure (6-hour): Bullish. Since breaking above $0.05 on Feb. 6, NIGHT has produced higher highs and higher lows, indicating an intraday uptrend. - Critical support zone: $0.056–$0.060. Bulls recently reclaimed this area, and holding it will be key for any push toward $0.10. - Higher-timeframe caution: Momentum on larger timeframes is muted. A deep retracement to the local low at $0.04 earlier highlighted sellers’ strength and remains a threat to upside continuation. - Indicators: - Chaikin Money Flow (CMF) slid back to roughly +0.01 after peaking at +0.23 on Feb. 18, suggesting buying pressure may be fading. - Directional Movement Index (DMI) still points to a strong uptrend, aligning with the positive price structure on the 6-hour chart. Market context - Bitcoin’s recent range between $65k and $71k over the past two weeks is an important macro factor. A decisive BTC breakout higher could reignite altcoin appetite — including for NIGHT — while a stagnant or falling BTC could sap momentum. Liquidation dynamics and risk - CoinGlass’s 1-month liquidation heatmap shows NIGHT recently swept a significant cluster of short liquidations at $0.063–$0.065. That short-squeeze may have driven the temporary push higher. - Early candlestick signs of buyer exhaustion in the $0.063–$0.065 zone, combined with relatively weak sustained demand, raise the possibility of another leg down — potentially toward the $0.054 area. - Traders should be cautious about buying too early and manage risk accordingly. Bottom line The Midnight launch gives NIGHT a clear fundamental catalyst, and short-term price structure looks constructive. However, mixed momentum on higher timeframes, signs of buyer exhaustion around $0.063–$0.065, and broader BTC action mean the path to $0.10 is far from certain. Watch support at $0.056–$0.060 and the $0.054 area as critical risk points. Sources: CoinMarketCap, TradingView (NIGHT/USDT), CoinGlass, AMBCrypto. Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency trading carries significant risk; do your own research before making any decisions. Read more AI-generated news on: undefined/news

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