Midnight (NIGHT) has demonstrated a remarkable rebound, defying previous rejections and showcasing renewed bullish momentum within the broader crypto market. After a dip, the altcoin successfully defended a critical support level, signaling a strong reversal in investor sentiment and a surge in accumulation.
Resilient Rebound and Dominant Spot Accumulation
Following a recent rejection at $0.56, Midnight (NIGHT) initially slipped but quickly reversed its downside trajectory, successfully holding the crucial $0.5 support level. The altcoin subsequently climbed to a local high of $0.58, currently trading around $0.56, marking a significant daily gain. This recovery is underpinned by aggressive buyer activity in the spot market. Data indicates a robust increase in Buy Volume to Price Pressure, significantly outpacing selling pressure. This translates to a positive Net pressure of 57 million, reflecting substantial spot accumulation and a clear shift in market dynamics where buyers are firmly in control, driving prices higher.
Bullish Outlook Across Derivatives and Future Trajectory
The optimism surrounding NIGHT extends beyond the spot market, with significant activity in derivatives reflecting strong bullish sentiment. Open Interest (OI) surged by over 18%, while Derivatives Volume climbed by nearly 46%, indicating increased participation and capital inflow from futures traders. Crucially, the altcoin's Long Short Ratio rose to 1.11, signaling that the majority of participants are positioning for further gains. This robust demand is further supported by momentum indicators like the Stochastic RSI, which entered overbought territory at 88, and the Relative Vigor Index (RVGI), confirming the strength of the current uptrend. Propelled by fresh demand and recent developments like the anticipated Google/Telegram partnership and mainnet launch, NIGHT is now eyeing the $0.62 resistance level, provided buyer momentum can be sustained against lingering seller activity.
