Midnight (NIGHT), Pump.fun (PUMP), and Bittensor (TAO) are becoming the focus of the sell-off wave as they lead the decline in the past 24 hours, amid a generally weakening cryptocurrency market. Increasing selling pressure right before the holiday season is causing these altcoins to face the risk of further decline and expanding correction margins in the short term.
Midnight falls freely, may break important support line
Midnight continues to face strong selling pressure, dropping more than 3% during Wednesday’s trading session, extending the 24% plunge from the previous session. A three-session decline since NIGHT peaked at $0.1200 on Sunday has caused the price to evaporate about 33% in just a few days, placing this coin among the most weakened assets of the week.
On the 4-hour chart, the privacy-focused sidechain of the Cardano ecosystem is approaching the short-term support break level, formed from the lows on 16 and 18/12, around $0.07500. A clear closing candle below this level could trigger the next wave of selling, pushing the price back to the S1 Pivot at $0.07000, or even deeper into the psychological support zone at $0.05000.
Night/USDT 4-hour chart | Source: TradingView
Technical signals on the 4-hour timeframe continue to favor the bears. The RSI index has fallen to 39 and is approaching the oversold zone, reflecting a clear weakening momentum. Meanwhile, the MACD has crossed below the signal line, with the negative histogram bars gradually expanding, indicating increasing downward pressure.
In a more optimistic scenario, if the price can bounce from the $0.07000 zone, NIGHT needs to quickly regain and stay above the 50-period EMA at $0.07808 to weaken the current downtrend and open short-term recovery opportunities.
Pump.fun targets a decline to $0.001000
Pump.fun continues to face strong selling pressure as it maintains a downtrend below the psychological threshold of $0.002000, after losing another 3% on Monday. At the time of writing, PUMP is down about 2% on Wednesday, marking a third consecutive decline and indicating that the weakening momentum has not yet stopped.
Technically, the nearest support zone for this token is at the October 10 low around $0.001496. If this level is broken, selling pressure could push the price further down to the S2 Pivot at $0.001051.
PUMP/USDT daily chart | Source: TradingView
Momentum indicators continue to signal negative. The RSI remains at 26, deep in the oversold zone and moving sideways, reflecting dominant selling pressure. At the same time, the MACD and signal line are both trending downward, further reinforcing the short-term weakening scenario.
To open up reversal opportunities and restore an uptrend, PUMP needs to quickly regain and hold above the $0.002000 level – an important psychological threshold that influences market confidence.
Bittensor faces pressure, at risk of losing the $200 mark
Bittensor (TAO) is approaching the critical psychological level of $200 after losing the short-term support zone at $215 — the price coinciding with the Friday session low. This development puts TAO at risk of breaking below $200, opening the possibility of testing the S1 Pivot around $194.
In a more negative scenario, if the price closes below the $194 zone, selling pressure could intensify, pushing TAO down to the S2 Pivot at $167, indicating an extended correction.
TAO/USDT 4-hour chart | Source: TradingView
From a technical perspective, RSI is currently at 27, having fallen into the oversold zone after reversing from near the weekly midpoint last week, indicating selling pressure is returning to the market. Additionally, the MACD is converging with the signal line, increasing the risk of a bearish crossover — a factor that could trigger a new wave of decline.
Conversely, if TAO maintains above $200 and buying interest appears, the price could recover to test the 50-period EMA, which is trending downward around $234, likely serving as a significant resistance zone.
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