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Midnight (NIGHT) reversed a recent selloff as the broader crypto market rebounded. After being rejected at $0.56 a week ago and falling to a low of $0.47, NIGHT held the $0.5 support level and climbed to a local high of $0.58. At press time, it traded at $0.56, up 12.35% on the daily charts. Over the same period, its market capitalisation rose to $1 billion before falling to $941 million, suggesting strong bullish momentum.
As market sentiment improved, buy-side activity outweighed selling pressure in the short term. Buy Volume to Price Pressure increased to 51, while sell pressure to the market dropped to 23. This indicates that although sellers were active, buyers outpaced them and pushed prices higher.
Buyer dominance also strengthened, rising to 93 million, while seller volume dominance declined to 36 million. The resulting net pressure was positive at 57 million, a sign of aggressive spot accumulation. The article notes that higher spot demand often accelerates upside momentum.
Investors also increased activity in the futures market as NIGHT recovered. CoinGlass data showed Open Interest (OI) rising 18.45% to $38.14 million, while derivatives volume climbed 45.9% to $66.05 million at press time.
When OI and volume rise together, it typically points to increased participation and capital inflows into both long and short positions. The Long Short Ratio rose to 1.11, with traders on Binance showing an average ratio of 1. The article states that a ratio above 1 suggests most participants were positioned bullishly in anticipation of further gains.
The rebound was supported by renewed demand across the market, alongside momentum tied to the announcement of Google’s and Telegram’s partnership and a mainnet launch by late March. Technical indicators reflected this strength: Stochastic RSI climbed to 88, placing it in overbought territory, while the Relative Vigor Index (RVGI) rose to 0.09.
The article argues that elevated momentum indicators signal buyers retaining the upper hand. If demand persists, NIGHT’s uptrend could continue toward the $0.62 resistance level. However, it also warns that if sellers regain control, NIGHT could fall back through the $0.5 support level.
Midnight held the $0.5 support level, rose to $0.58, and later retraced to $0.56. A broader shift in sentiment encouraged buyers to step in and accumulate NIGHT.
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