Midnight (NIGHT) token price is up by 5% today, September 26, to trade at $0.0255 at the time of writing. These gains come as Cardano founder Charles Hoskinson says that Midnight can do more than Zcash.
NIGHT token volumes are also up by 17% today to $15.15 million, while the open interest has risen above $15 million.
While speaking in a recent interview, Hoskinson noted that Midnight “can do far more than what Zcash does.”
Hoskinson noted that Midnight has private smart contracts and is also equivalent to Bitcoin and Ethereum, where users can send NIGHT and other assets through the Midnight Ledger the same way that a user would use Zcash to attain privacy.
Analyst David Gokhstein also echoed Hoskinson’s comparison of Midnight and Zcash, saying NIGHT token price could record the same gains as ZEC after the latter soared to a ten-year high .
In an X post, Gokhstein opined that Midnight could also be bullish for Cardano, with his bullish outlook coming as Cardano undergoes another governance vote seeking to improve its network.
Hoskinson’s outlook also follows a recent surge in the prices of privacy coins such as Zcash and Dash, which are up by 92% and 63% in just one month.
NIGHT token price has also jumped by 23% from $0.0017 on August 31 to $0.025 at the time of writing.
Data from CoinGlass shows that the open interest for the NIGHT token has increased by 9.82% to $19.05 million at the time of writing.
This is the highest open interest that the NIGHT token has seen since September 10.
The surging OI also coincides with an increase in the weighted funding rate to 0.0077%. This rise suggests that there are more traders opening long positions than short positions on the NIGHT token price
The number of long accounts is also higher than the number of short accounts because the long/short reading stands at 1.01. On Binance, the long/short reading stands at 1.39, as more accounts bet that NIGHT token price will gain.
NIGHT token price has moved above the sell wall that lies between $0.022 and $0.024 on the one-day chart. The token has closed above this resistance area for two straight days, suggesting that the uptrend might continue.
If this uptrend continues, NIGHT token price could reach the July high of $0.029.
The RSI reading of 63 shows that the momentum remains bullish above the resistance at $0.024. If the RSI continues making higher highs, NIGHT token could reach $0.029.
The ADX line that is also tipping north suggests that the uptrend that started in mid-September is also strong.
However, if the sentiment across the broader crypto market weakens, NIGHT token price might drop to test the support at $0.022. Dropping below this support could then push the price lower to $0.019.
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