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Cardano privacy token Midnight (NIGHT) is testing crucial support after days running into weeks of steady declines.
Midnight was a star performer in December, rising more than 200% shortly after its launch in the month, to reach $0.12 on Dec. 21. The outperformance came against a backdrop of declining prices across the crypto market following a major sell-off in October.
The gains are now almost reversed as NIGHT has steadily declined since the start of 2026, the token rose to a high of $0.097 on Jan. 3 and has declined since then.
Recent listings including that of Coinbase futures, and eToro did not yield an impact on the Midnight price, which continued to drop.
On Jan. 15, Perpetual futures trading for Midnight became available to retail traders in select jurisdictions via Coinbase Advanced. Institutions can also access perpetual futures directly via Coinbase International Exchange.
Earlier this week, eToro announced support for NIGHT, giving more users the ability to access the Midnight infrastructure.
NIGHT crucial support comes to light
At press time, NIGHT was down 4.96% in the last 24 hours to $0.0588 and down nearly 8% weekly.
Midnight $NIGHT is showing support above 5 cents, which is awesome considering it started off barely more than a month ago as a free airdrop, with nearly 30,000 holders on-chain on Cardano plus CEX holders.
— Rick McCracken DIGI 🇺🇸 (@RichardMcCrackn) January 21, 2026
Very well executed launch 💯 pic.twitter.com/ywjumW5J0M
The drop coincides with broader market weakness as crypto assets fell at start of the week, with daily liquidations nearing $1 billion.
While traders wait for what comes next, market observers highlight a crucial level that might aid NIGHT's rebound.
According to Rick McCraken, a Cardano SPO and Midnight validator, NIGHT is showing support above five cents. He highlighted this as being "awesome," considering it started barely more than a month ago as a free airdrop. Midnight now has nearly 30,000 holders on-chain on Cardano plus CEX holders.
Being a relatively new token, support and resistance levels might be confirmed by multiple retests. If this is the scenario, NIGHT might consolidate near $0.05 in the coming days to confirm it as support, before making its next major move, which will ultimately target $0.10 in the long run.