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Cardano's Midnight (NIGHT) blockchain has recorded a massive spike in the last 24 hours. In a rare adoption move, Midnight soared by over 68% in volume. As per CoinMarketCap data, this helped the altcoin to hit $3.53 billion within the period.
Trading activity explodes as Midnight momentum builds
Notably, the spike in volume validates the asset’s price momentum. Midnight has, within the same time frame, registered a 3.15% price increase and changes hands at $0.06866.
NIGHT has steadily climbed from a low of $0.06389 to a peak of $0.07 before the slight correction.
With volume increasing, the price might continue to grow, but risks volatility as the asset’s Fear and Greed Index is at 27 on the "fear" side. The development signals that holders are exercising caution, particularly with Bitcoin dominance at 58.94%.
However, Midnight’s Relative Strength Index (RSI) is at 63.68 as it inches toward overbought territory. If NIGHT can continue trading above $0.0659, it is likely to continue on a bullish trajectory. On the other hand, a slip to $0.063 could trigger a retracement toward the $0.06 support.
On the broader ecosystem, the Midnight Foundation has stated that there are plans to partner with a major stablecoin entity.
President of the Midnight Foundation, Fahmi Syed, is optimistic that an agreement will be reached soon to seal the deal. This move might further drive the adoption of Midnight and could support its bullish path.
Privacy narrative and partnerships fuel long-term outlook
In a recent remark, Cardano's founder, Charles Hoskinson, stated that Midnight is the answer to the EU privacy overhaul. He believes Midnight can tackle open-source projects and cautions against letting the "vampires" in.
Hoskinson’s comment was in reaction to a warning by Freedom Train International founder, Jim Ferguson. Ferguson cautioned that the EU is pushing for mandatory digital IDs, a move that could essentially abolish digital privacy.
According to Hoskinson, Midnight could act as a defense to prevent centralized control. It is worth mentioning that Midnight is a privacy-focused sidechain developed by Input Output Global.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team