Midnight trades at $0.035172 on May 28, pressing against the upper boundary of a descending channel that has contained price since March, as Charles Hoskinson publicly commits to the project and beta testing for Midnight.city gets underway.
The daily chart has been bearish inside a clean descending channel since early March, printing lower highs and lower lows with every bounce sold into the upper trendline. Price is now pressing against that upper boundary again near $0.0357, where the 50 EMA also sits. The Supertrend flipped bullish at $0.029445 after the recent low, the first bullish Supertrend read since the downtrend began.
A daily close above the 50 EMA at $0.035705 and the channel’s upper trendline would be the first structural break of the entire downtrend. Above that, the 100 EMA at $0.042320 is the next meaningful ceiling. On the downside, the 20 EMA at $0.033193 is the level bulls need to hold on any pullback to keep the Supertrend signal valid.
Midnight Key levels for May 29:
- Resistance: $0.035705 (50 EMA and channel top), $0.042320 (100 EMA)
- Support: $0.033193 (20 EMA), $0.029445 (Supertrend), $0.025000 (channel lower trendline)
Hoskinson announced the closure of his $250 million health clinic effective July 31, redirecting his full attention to Cardano and Midnight at a pivotal moment for both projects. On the same day he stated publicly that Midnight.city, the interactive simulation layer for the Midnight ecosystem, has the potential to become the most used crypto application by 2030. Beta testing is now underway with thousands of expected testers targeting the platform’s privacy-preserving, AI-agent-driven economy.
Founder commitment at this level is a direct signal to developers and early adopters. Midnight’s privacy architecture sits on Cardano as a partner chain, meaning its growth ties directly into the broader Cardano governance situation. If the IOG funding proposal fails ahead of the June 8 deadline, development pace across both Cardano and Midnight could slow, which is the main risk hanging over the bullish narrative right now.
Volume jumped 45.54% to $52.92M while open interest climbed 4.28% to $27.74M, both rising together pointing to fresh positioning rather than short covering. The 24-hour long/short ratio sits at 0.9153, slightly shorts-heavy among retail accounts.
Top traders on Binance are running a 1.4814 long/short ratio by accounts and 1.525 by positions, leaning long against the retail crowd. Longs took $62.49K in liquidations over 24 hours against $21.26K for shorts.
NIGHT Price Prediction for May 29
- Upside: A daily close above $0.035705 breaks the descending channel and opens a move toward the 100 EMA at $0.042320.
- Downside: Rejection at the channel trendline and a drop below $0.033193 puts the Supertrend support at $0.029445 back in focus.
