Reviewed by Reviewed by Saman Waris Updated 15:00 EDT October 6, 2026 Share Share Share Back to Top Midnight [NIGHT] is up more than 10% in the past 24 hours, bringing its 30-day gains to over 115%. The rally comes as the altcoin’s parent chain coin, Cardano [ADA], rallied amid momentum from its fundamentals
Hence, this is narrative-based buying, as its on-chain activity remains relatively low
Getting into the details, Cardano surged by double digits yesterday, but its ecosystem coins were yet to pick up. However, its momentum from the launch of RealFi and upgrade prospects spilled over to NIGHT
Apart from that, privacy coins like Zcash [ZEC] were trending, and NIGHT was not an exception. It is the privacy layer for the Cardano ecosystem and has been tipped to become bigger than Zcash, though it remains far away
As a result, its token trading volume has surged by 224% over the past 24 hours. The sum for the past seven days is at $463.6 million
Worth noting, this week’s daily average was falling from a high of $112 million on the 1st of October to about $32 million at press time. This indicated trading activity was reducing, explaining why NIGHT’s price was struggling to break past the $0.05 zone
Meanwhile, its on-chain activity remained low, with the transaction count in the past month declining by 11%
Since NIGHT broke above the 20-day EMA, it has been in a fantastic uptrend. This surge followed an accumulation at $0.02. It has bounced off this EMA support three times
Now, NIGHT is trading above both the 50-day and 200-day EMAs, with both the RSI and MACD showing buyers’ strength
However, the four-hour timeframe shows the altcoin is consolidating just below $0.05. This consolidation is after its advances were rejected twice at this level
Even the MACD shows bears are in control in the short term, though their strength has faded. This reading could be hinting at bulls’ return with the slanting trendline as the buying zone
Therefore, NIGHT remains bullish even in the short term, as its price is trading above the MA Cross. Moreover, the Aggregated Funding Rate is green with a reading of 0.0041%, indicating buyers are paying premiums to keep their positions open
Thus, breaking above $0.05 remains viable, but losing the slanting support or the demand zone at $0.044 could cap this uptrend
Lennox Gitonga is a Financial Market and On-Chain Analyst at AMBCrypto with a Bachelor of Commerce in Finance. As a former equities trader, he applies traditional market rigor to crypto, delivering clear technical and on-chain analysis that explains price action, liquidity, and network behavior driving digital asset trends
