Whales Can Derail The Midnight Express Despite Retail Support — $0.10 Is Critical Now
Mega whales are selling Midnight (NIGHT) while retail accumulates, creating a conflict where reclaiming $0.101 is critical to sustain upward momentum.Summary
Midnight (NIGHT), a Cardano-linked privacy project, is experiencing a tug-of-war between large holders (mega whales) and retail traders. Top 100 NIGHT holders have reduced their balances by 11.85% (about $2.7 million worth), indicating significant selling pressure. Conversely, retail sentiment is bullish, evidenced by a 6.63% drop in NIGHT held on exchanges, suggesting accumulation worth about $920,000, which is also supported by a positive divergence on the On-Balance Volume (OBV) indicator.
Derivatives markets show a long bias, with long liquidations exceeding shorts by nearly 57% on Bybit, but this creates vulnerability. A key danger zone exists around $0.082, where a pullback could trigger forced liquidations of over $2.91 million in long positions, accelerating a downside move.
The immediate price action hinges on key levels: reclaiming $0.101 is crucial to test the 0.618 Fibonacci level and confirm momentum toward $0.119. Failure to secure $0.101 will likely allow whale distribution to dominate, potentially leading to a drop toward $0.082 or even $0.071, invalidating any near-term recovery.
(Source：BeInCrypto)