Cardano (ADA) Price Rally Sparks Optimism After NIGHT Token Launch on Binance

• Cardano (ADA) gains attention after NIGHT token launch on Binance, boosting market optimism.
• Binance lists Midnight’s NIGHT token, supporting “rational privacy” while maintaining regulatory compliance.
• ADA breaks major downtrend, forming a rounded bottom pattern signaling potential trend reversal.

Cardano (ADA) is again making headlines, given that privacy-focused sidechain Midnight has launched its native token, NIGHT, on the Binance platform. This particular launch saw the token prominently featured on the front page of Binance Alpha, along with the benefits of an airdrop for qualified users. This particular development is happening when the ADA token is again active on price charts.

At the time of writing, Cardano is trading at $0.4651, with a 24-hour trading volume of $2.09 billion and a market capitalization of $16.70 billion. ADA has gained 8.85% over the last 24 hours.

Source: CoinMarketCap

Binance Lists Midnight’s NIGHT Token

Binance Wallet verified that NIGHT was added on the 9th of December through Binance Alpha. Indeed, the platform explained that the addition of NIGHT coincides with their mission to support the concept of “rational privacy,” one of Midnight’s ideals.

Midnight seeks to provide private transactions and, at the same time, satisfy the requirements of the regulators. This appears somewhat of a challenge for the older privacy-focused networks.

The side chain is operating on a hybrid platform that ensures privacy without undermining compliance. Following suit by Binance, other large crypto-exchanges, Bybit, OKX, Bitpanda, MEXC, and Gate.io, also declared the listing of NIGHT.

Also Read | Cardano (ADA) Eyes $1.60 Upswing Following Vanguard Bitwise 10 Index Listing

Cardano Shows Potential Trend Reversal

Cardano has shown a recent break above a major downtrend, which brings hopes of recovery for the market after the steep downfall. The token rose sharply from the $0.43 to $0.44 range within a short period of time, surpassing the level of resistance.

Crypto analyst Ali Martinez pointed out that the rising influx of ADA coins into circulation may trigger short-term weakness, but momentum indicators also show that a reversal is forming.

Source: X

However, analyst Captain Faibik introduced the idea of a confirmed breakout on X, saying that Cardano has actually broken a large trend line, with initial gains of about 10% within a matter of hours.

Source: X

The rounded bottom pattern developed over the last month, indicating that the buyers are taking control. The breakout candle was very significant, and it indicated that the interest of the investors is again with ADA. The growing volumes, along with the breakout, make the rally sustainable.

However, the chart indicates that the price may target areas around $0.70, with a potential upside of 56% from the current breakout level. ADA is displaying the best sign of a reversal since the middle of the year, with investors eagerly waiting for sustained closes above the trend line.

Also Read | Cardano Prepares Protocol Version 11 Hard Fork with Plutus and Security Upgrades