Midnight (NIGHT) has rebounded strongly after a recent dip, climbing over 12% to trade at $0.56 following a broader market recovery. The altcoin successfully defended its $0.5 support level, with on-chain and derivatives data showing significant buyer accumulation and bullish sentiment. Its market capitalization briefly touched $1 billion, underscoring the renewed momentum.
Midnight’s NIGHT token has recovered from a weekly low of $0.47, rising to a local high of $0.58. At press time, it traded at $0.56, marking a 12.35% daily increase.
The broader market recovery incentivized buyers to accumulate NIGHT, boosting its attempted rebound. This implies that, although sellers were active, buyers outpaced them and drove prices higher in the short term.
Buyer dominance significantly outweighed seller volume, leaving a positive net pressure of 57 million. Higher spot market demand has often accelerated upside momentum for the asset.
Investors also rushed into the futures market as the price recovered. CoinGlass data showed Open Interest rose 18.45% to $38.14 million while Derivatives Volume climbed 45.9%.
The altcoin’s Long/Short Ratio rose to 1.11, indicating most participants were positioned for further gains. Traders on Binance dominated the market with an average ratio of 1.
Fresh demand returned partly due to the recent announcement of Google’s and Telegram’s partnership and a mainnet launch planned for late March. Consequently, momentum indicators like the Stochastic RSI climbed into overbought territory.
These elevated indicators signal strong momentum with buyers having the upper hand. If demand holds, the uptrend could target the $0.62 resistance level.
Conversely, active sellers could still flip the power dynamics. In that scenario, the altcoin risks breaching the $0.5 support level once more.
