Why Midnight’s 9% price rally could be a trap for NIGHT bulls
NIGHT's volume indicator, the CMF, showed steady selling pressure across multiple timeframes.
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.
