Cardano (ADA) Price: Climbs 4% After Binance Lists Midnight’s NIGHT Token

TLDR

• Binance announced it will list Midnight network’s NIGHT token on December 9, with eligible Binance Alpha users able to claim airdrops
• Cardano (ADA) price jumped 4% to $0.435 following the Binance listing announcement on December 8
• Trading volume for ADA increased 85% in 24 hours after the news broke
• Midnight is a zero-knowledge proof network built on Cardano that focuses on privacy features for decentralized applications
• Large whale wallets holding 10-100 million ADA tokens accumulated 160 million tokens since December 2

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Binance announced support for the Midnight network’s NIGHT token on December 8. The listing caused Cardano’s ADA price to rise more than 4% within hours.

ADA traded at $0.435 following the announcement. The 24-hour low reached $0.407 while the high hit $0.437.

Cardano (ADA) Price

Midnight is a zero-knowledge proof network built on Cardano. The network provides privacy features for decentralized applications. It competes with other privacy chains like Zcash and Monero.

Binance Alpha users can claim NIGHT token airdrops using Binance Alpha points when trading begins on December 9. The exchange said it will share more details about Midnight support soon.

Midnight stated the Binance listing will introduce NIGHT to more users. The team expects it to speed up adoption of privacy features across Web3.

Other exchanges including Bybit, HTX, and Bitpanda already announced NIGHT token listings. Cardano founder Charles Hoskinson shared details about the upcoming Midnight launch in response to the announcements.

Trading Activity Increases

Trading volume for ADA surged 85% in the 24 hours after the listing announcement. This shows growing interest from traders following the news.

Futures market data from CoinGlass showed total ADA futures open interest climbed 3.48% to $759 million in 24 hours. The 4-hour open interest for ADA futures rose more than 3%.

Data from Santiment shows whale wallets holding between 10 million and 100 million ADA tokens accumulated 160 million tokens since December 2. During this same period, wallets holding between 1 million and 10 million ADA tokens sold 90 million tokens.

Source: Santiment

Market Indicators Show Positive Signs

Coinglass funding rate data turned positive on Monday. The metric read 0.0074% on Tuesday. This means long position holders are paying short position holders. When funding rates flip from negative to positive, ADA price has historically rallied.

The Relative Strength Index on the daily chart sits at 43. It points upward toward the neutral 50 level. The Moving Average Convergence Divergence showed a bullish crossover last week.

Cardano broke above a falling wedge pattern on December 3. The price found support near the upper trendline before rising 3.71% on Monday.

Crypto analyst Ali Martinez pointed out buy signals from Supertrend and TD Sequential indicators. Martinez stated Cardano would gain upward momentum after breaking above the 50-day moving average at $0.51.

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