Midnight (NIGHT) token climbed 5% on September 26 to trade at $0.0255, with trading volumes rising 17% to $15.15 million and open interest exceeding $15 million.
Cardano founder Charles Hoskinson stated in a recent interview that Midnight "can do far more than what Zcash does." He highlighted that Midnight features private smart contracts and functions similarly to Bitcoin and Ethereum, allowing users to send NIGHT and other assets through the Midnight Ledger for privacy purposes comparable to Zcash.
Hoskinson's comparison aligns with analyst David Gokhstein's assessment, who suggested NIGHT token could achieve similar gains to Zcash (ZEC), which recently reached a ten-year high. Gokhstein also indicated that Midnight development could be bullish for Cardano, particularly as the network undergoes a governance vote aimed at improvements.
The positive sentiment follows broader momentum in privacy coins. Zcash and Dash have surged 92% and 63% respectively over the past month. NIGHT token itself has increased 23% from $0.0017 on August 31 to $0.025 as of the reporting date.
Open interest for NIGHT reached $19.05 million, marking its highest level since September 10 and representing a 9.82% increase. The weighted funding rate rose to 0.0077%, indicating more traders opening long positions than short positions. Long accounts outnumber short accounts, with the long/short ratio at 1.01 overall and 1.39 on Binance.
On the technical side, NIGHT token price broke above a sell wall between $0.022 and $0.024 on the daily chart, closing above this resistance level for two consecutive days. The RSI reading of 63 indicates bullish momentum, while the rising ADX line suggests a strong uptrend that began in mid-September. If momentum sustains, the token could target its July high of $0.029. However, weakness in the broader crypto market could cause the price to test support at $0.022 or drop further to $0.019.
