Midnight’s NIGHT token traded near $0.03894 on October 23, roughly 22% below the $0.05 level it reached earlier this month. Although at the time of this writing, it showed a small gain, the price remained below four cents.
The retreat has taken back part of a sharp rally from September’s much lower prices. NIGHT still holds substantial gains from before that surge, leaving buyers to wonder if it can establish a base before more of that advance unwinds. Let’s get into it.
Four cents has become harder to hold
NIGHT’s late-September climb carried it from around $0.025 to above $0.05 in early October. Between the end of September and early October, it saw an over 100% rise, which took it to the $0.05 price level. It was a huge rise, but trading since then has been less convincing.
The four-hour chart shows rebounds repeatedly fading as the month progressed. The latest attempt reached roughly $0.043 before the price returned below $0.04, making it the first checkpoint.
Buyers were able to recover this level, but it was brief, and they have not been able to keep it there.
The chart showed that between October 11 and the time of this writing, its value has fallen by over 22% from around $0.05 to $0.039.
The earlier rally has not disappeared
NIGHT remains well above the roughly $0.020–$0.025 price area where it spent much of September, as seen on its daily chart.
For now, the closer test it faces is around the $0.0377–$0.0383 price level, which is around the latest session’s low and nearby trading lows. If it continues trading below that range, it would weaken the case that NIGHT is finding a floor.
In that scenario, the $0.035–$0.036 price area could become the next area to watch. Also, earlier gains alone would offer little protection if buyers fail to respond.
What would change the picture?
A stronger recovery means that NIGHT has to regain the $0.040–$0.041 price area and remain there when sellers return to try and take some gains.
That would move the price through the area where several short-term averages currently sit. More importantly, it would show buyers holding ground that they have recently surrendered.
The next test it would face would be around the $0.043 price area, where the latest positive move stopped. Until it can move beyond that failed attempt, a positive daily candle only shows limited evidence of a turnaround.
The broader rally still has some gains left to defend, but the shorter-term chart shows that buyers have not ended October’s retreat.
Final Summary
NIGHT trades roughly 22% below $0.05, but it still retains most gains from September.
If it recovers the $0.040–$0.041 price area, the positive trend will be stronger.
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