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Midnight (NIGHT) price jumped by more than 22% within 24 hours, reaching around $0.044, as renewed interest in blockchain privacy, institutional use cases, and Midnightโs partnerships with companies drove the coin toward its strongest levels in recent months.
CoinGecko data shows NIGHT is trading near the $0.044 level based on the latest reading, up by roughly 84% over seven days, bringing the coinโs market cap to around $727 million. Trading volume also surpassed $120 million during the same period.
The pace of the rally accelerated after Jimmy Rogozynski, founder of the WallStreetBets community, said that privacy could become more important as institutions move to inject larger amounts of capital onto blockchain networks.
But Rogozynskiโs remarks reflect a market view and do not constitute evidence that institutions are buying NIGHT right now.
Why is Midnightโs price rising?
Rogozynskiโs proposal focuses on the transparency problem in public blockchain networks. Big institutions that use fully public networks may reveal their wallet balances, the links between transactions, and their trading activity to anyone who has access to a blockchain explorer.
Midnight was built on the concept of selective disclosure, allowing applications to keep some information private, while enabling proof of other information when needed.
Midnight Foundation describes the networkโs privacy model as suitable for use cases where companies need to keep data confidential, alongside the ability to meet verification requirements and regulatory compliance obligations.
This focus has already succeeded in attracting a number of partners from the enterprise sector.
Google Cloud provides key infrastructure for the Midnight network and a federated node, while its Mandiant unit provides threat monitoring and incident response services for the network.
And this collaboration was part of the infrastructure that supported the launch of Midnightโs mainnet in March.
In a previous coverage of a privacy-focused mainnet launch, crypto.news reported that Google Cloud and Pairpoint, a Vodafone-associated company, along with other firms, participated in the first group of the networkโs federated node operators.
Later, Midnight expanded this group to include companies such as Worldpay, Bullish, MoneyGram, eToro, and AlphaTON Capital.
The firm said these operators would help maintain network stability before block production gradually became more decentralized.
Midnightโs partnership with a bank adds a real-world privacy test
Monument Bank is another financial institution working with Midnight.
In March, the regulated British bank announced plans to use the Midnight network to simulate interest-bearing retail deposits on the network, while keeping its current banking protections.
The first phase of the project targets ยฃ250 million in tokenized deposits.
Monument oversees about ยฃ7 billion in deposits, and said the project will use the Midnight network to preserve the privacy of sensitive financial data, while retaining the information needed for regulatory oversight.
That does not mean that the amount of ยฃ250 million has already moved to the Midnight network.
This figure represents a target for the first phase, while the projectโs execution remains tied to the actual application plans by Monument and the Midnight Foundation.
In a network update published in March, Midnight said the bank project would use Programmable Privacy to protect sensitive transaction data, while allowing the disclosure of necessary information when required.
The same update also mentioned Google Cloud, Worldpay, Bullish, MoneyGram, Pairpoint, and eToro, along with a number of infrastructure companies, among the networkโs first operators.
Hoskinsonโs comparison to Zcash adds a new catalyst
Charles Hoskinson, founder of Cardano, has recently highlighted the NIGHT coin after saying that Midnight could become larger than Zcash in the future.
Hoskinson pointed to several technologies that the Midnight system relies on, including selective disclosure, private agents, zero-knowledge proofs, trusted execution environments, and multiparty computation.
Hoskinsonโs statements are forward-looking and do not prove that Midnight will surpass Zcash in terms of price, market value, number of users, or network activity.
The comparison drew market interest, especially given the strong performance of some privacy-related assets during September.
However, in the last session, NIGHT moved at a much faster pace than several established cryptocurrencies in the privacy sector.
As crypto.news previously reported, Midnight attracted market attention on earlier occasions following announcements of institutional partnerships and network launch updates.
NIGHTโs current market value remains far below Zcashโs, meaning Hoskinsonโs comparison is about future potential rather than the current ranking of coins by market value.
Can Midnightโs price break above the $0.045 level?
NIGHT is currently trading near the $0.0442 level, after the coin hit a daily high of around $0.0447.
The recent rally pushed the price to a level far above the consolidation range in which the coin traded during September, which was roughly between $0.025 and $0.030.
The attached daily chart shows that the 20-day average Bollinger Band range sits near $0.02573, while the upper band is around $0.03806, with the lower band near $0.01340.
NIGHT is currently trading well above the upper limit of the Bollinger Bands range.
This move indicates that the price surged significantly above its 20-day moving average, alongside a sharp increase in volatility.
Trading outside the Bollinger Bands range does not necessarily mean a price reversal is imminent, but it suggests the current move is unusually extended compared with recent price action.
MACD indicators support the continuation of bullish momentum
The MACD indicator is still in an upward position.
The MACD line is around 0.00403, exceeding the signal line of about 0.00211, while the indicatorโs chart is recording a positive value near 0.00192.
The widening gap between the two lines indicates that momentum may have strengthened during the recent uptrend.
The immediate resistance level is in the $0.044โ$0.045 area, where NIGHT is currently testing the high of the last move.
A sustained breakout above $0.045 would push the coin into a new price zone beyond the current dayโs high.
If the price falls, the $0.038 level would be the first important technical area to watch, given its proximity to the upper bound of the Bollinger Bands range.
If selling pressure continues, the $0.030โ$0.033 area, which formed the previous breakout zone, could turn into a deeper support zone.
Volatility is likely to remain high as long as NIGHT is traded at levels that significantly exceed its 20-day moving average.
The MACD indicator structure still leans toward supporting an upward trend, but a drop in the indicatorโs chart value or a bearish crossover between the two lines would be a sign that momentum is starting to weaken.
Previous NIGHT moves reveal strong volatility
Midnightโs price history has already shown sharp moves in tandem with major events related to the network.
NIGHT rose by about 23% after the mainnet launch in March, before later giving up part of those gains.
Recently, the coin saw a sharp drop following an incident related to the Wanchain bridge that involved around 515 million NIGHT tokens.
Crypto.news reported that the Midnight main network remained secure, while an investigation was conducted into the bridge infrastructure affected by the incident.
$0.045 is in the spotlight
At current levels, $0.045 is the first important price test for the NIGHT coin.
Breaking through this level along with continued rising trading volumes would extend the upward move, while a pullback toward $0.038 could bring NIGHT back to an area closer to the upper end of its recent volatility range.$NVDAB $G
