Midnight (NIGHT) price shows signs of strength, is the target of $0.13 feasible?

Midnight (NIGHT) recorded a 2.5% increase in the past 24 hours, and as of press time, this coin has surged 18.1% over the week. With this achievement, Midnight clearly outperforms Bitcoin (BTC), which decreased 1.85% in one day and only modestly increased 0.3% over the past week.

Technical analysis indicates that the upward trend of Midnight is likely to continue. The Photon coin has conducted research on short-term growth targets and identified key levels that could influence the momentum, warning of potential trend invalidation if these levels are broken.

Why is NIGHT price rising?

A recent post on X stated that NIGHT has risen to the top of CoinGecko’s trending tokens list, surpassing giants like BTC and Ethereum (ETH). Charles Hoskinson, co-founder of IOHK and the Cardano (ADA) blockchain, shared that Midnight is “just getting started” on its journey.

Just over a week ago, NIGHT experienced a sharp correction of 40%, dropping from $0.120 to $0.0718 in less than three days. However, since then, this altcoin has recovered impressively with a 34% increase.

The $0.083 level, which was previously a short-term resistance, has now become a solid support, opening up short-term bullish prospects for NIGHT.

Positioning NIGHT’s price targets

NIGHT/USDT 4-hour chart | Source: TradingView Based on the rebound earlier this month, a series of Fibonacci retracement levels have been established, painting a clear technical picture for NIGHT’s next moves. This rally came after several days of sideways market movement, with a breakout signal indicating a stronger potential surge.

The 78.6% Fibonacci retracement at $0.073 experienced a sideways trading phase below $0.083 before the breakout on 12/27 paved the way for conquering the local resistance at $0.09.

However, declining trading volume has caused the CMF indicator to struggle to surpass +0.05, despite the recent impressive price gains. This is a noteworthy point for bullish investors, reminding that caution is still necessary in the current phase.

Is a decline possible?

This is entirely possible, as current demand appears to be quite weak. The reason could also stem from traders reducing their focus on NIGHT recently. A Bitcoin pullback is likely to negatively impact market sentiment, exerting unfavorable effects on NIGHT.

However, compared to this scenario, the bullish outlook remains more convincing and feasible.

Traders can buy after this level is broken

The 4-hour structure shows clear bullish signals, and Bitcoin currently does not seem to face significant risks. The psychological resistance at $0.1, if turned into support, could become an attractive buying opportunity.

In this favorable scenario, the extended Fibonacci level at $0.134 will be the next price target that investors should aim for.

The liquidation map indicates that NIGHT could correct to the $0.088–$0.09 range, as leveraged long positions may be liquidated. This also presents an opportunity for traders to capitalize on the dip to these levels to increase their NIGHT holdings.