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Midnight [$NIGHT] was in a long-term downtrend but managed to climb 9.5% on the 8th of June. At the time of writing, the 24-hour stats of $NIGHT were not convincingly bullish.
CoinGlass data showed that the Open Interest behind $NIGHT barely swayed in recent days, staying stubbornly at $16.98 million-$17.20 million despite the price bounce. The daily trading volume has declined by 62% in 24 hours, according to CoinMarketCap data.
A more in-depth analysis indicated that these surface-level data points did indeed reveal what trends swing traders and investors can expect.
No dawn yet for $NIGHT bulls
The downtrend of Midnight stretched back to early January 2026, when the $0.07 region was lost and retested as a resistance zone. Using the price action since then, the Fixed Range Volume Profile tool was used to mark out important support/resistance levels for the altcoin.
The highest trading volume node was at $0.032 (red), making it the Point of Control. The Value Area Low and High were at $0.029 and $0.051, respectively. The former has been a critical support level since May.
The price bounce on Monday originated from the $0.029 support level but has stalled around the PoC.
The rally beyond the $0.036 level made toward the end of May does not count as a structural break. To shift the 1-day structure bullishly, $NIGHT bulls will need to drive a daily session close above the $0.042 swing high.
What should $NIGHT traders do now?
On the 1-hour chart, the technical indicators remained bearish, as they had been on the 1-day timeframe. The CMF was below -0.05 to show capital outflows, though the MACD crossed above the zero line to indicate upward momentum.
It is possible that the spark of bullish momentum can last a few more days and take $NIGHT as high as $0.0388. However, the higher timeframe and lower timeframe price action were structurally bearish.
Therefore, traders would want to sell the bounce.
Furthermore, it is possible that $NIGHT might not climb past $0.032-$0.035 local support and might continue its downtrend without a bounce to key Fibonacci retracement levels.
Final Summary
- The Midnight price bounce came from a key month-long support.
- The $0.032-$0.035 supply zone might stall the bounce. Even if it doesn’t, the lack of demand and the steady downtrend that has lasted all year are likely to continue eventually.