The NIGHT crypto price bounced back on Saturday, reaching a high of $0.0585, its highest level since January 29 this year. Midnight token has soared by 38% from its lowest level this year, giving it a market capitalization of over $950 million.
Midnight Token Jumps Ahead of Mainnet Launch
NIGHT crypto price is rising because of the ongoing crypto market rally, which has pushed Bitcoin and other altcoins much higher in the past few months. Some of the other top gainers are tokens like Bittensor, Zcash, Humanity Protocol, and Pippin.
NIGHT token is also rising after Charles Hoskinson and the Midnight Foundation confirmed that the Midnight mainnet launch will happen in the last week of March this year. This launch aims to make Midnight one of the biggest players in the privacy industry.
Data compiled by Midnight Explorer shows the Midnight network has handled over 962,000 transactions in the testnet, with the number of blocks rising to over 3.7 million. Also, the network has handled over 295 million slots in the past few months.
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Midnight aims to become a major chain, thanks to its quick speeds, privacy features, and its strong partnerships. Some of the companies building on Midnight Network are Alchemy, Anastasia Labs, Brave, Creditcoin, Fireblocks, and Fluid Tokens.
The NIGHT crypto token also jumped as the weighted funding rate remained in the green and is hovering near its highest level since February this year. A positive funding rate is a sign that investors in the perpetual futures market are hopeful that the price will continue doing well in the near term.
NIGHT’s futures open interest has continued rising in the past few weeks, reaching a high of $38 million, the highest level since January 29. It has soared from a low of $27 million on February 2nd.
NIGHT Crypto Price Technical Analysis
The eight-hour timeframe chart shows that the NIGHT price has rebounded in the past few weeks, moving from a low of $0.0416 on February 8 to the current $0.058. It has jumped above the key resistance level at $0.0563, its highest level on February 7.
The token has formed an inverted head-and-shoulders pattern, a common bullish reversal sign in technical analysis. It has jumped above the 50-period Exponential Moving Average (EMA).
It has moved to the 23.6% Fibonacci Retracement level. Therefore, the most likely scenario is where the coin continues rising as bulls target the 38.2% retracement level at $0.07160, which is 25% above the current level.
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