Cardano price remained near its year-to-date low on Sunday, December 21, even as the recently launched Midnight token continued its momentum.
Summary
- Cardano price formed a falling wedge pattern on the daily chart.
- The token can bounce around 40% from the current level.
- Cardano will benefit from the current midnight token boom.
The Cardano token (ADA) was trading at $0.3680, a few points above this year’s low of $0.3476. It remains about 70% below its high point this year, with market capitalization falling from more than $25 billion to $13 billion.
Cardano price could be on the verge of a strong bullish breakout as its fundamentals improve. One of the main catalysts is that Midnight (NIGHT), Cardano’s recently launched native asset, is booming.
The NIGHT token surged to $0.082, up 135% from its lowest level this month. More importantly, this increase is occurring in a high volume environment, with the 24-hour figure crossing the $5 billion mark for the first time.
Its 24-hour volume was the fourth largest in the crypto sector after Tether, Bitcoin and Ethereum. It was also much higher than Cardano’s $307 million, indicating that there is strong demand among investors.
NIGHT’s performance is also notable because most newly launched tokens often crash when initiates unload. Additionally, their volumes tend to peak in the first few days, then drop as momentum fades.
Minuit has been gaining traction as demand for privacy tokens gains momentum. A closer look at the top 2026 predictions from major companies like Coinbase and Grayscale shows that this will be one of the biggest themes in the crypto industry. This also explains why the price of Zcash jumped this weekend.
The success of Midnight will help strengthen the Cardano ecosystem over time, solving one of the biggest challenges.
At the same time, Cardano is working on the Pentad proposal which will strengthen its ecosystem by introducing Tier 1 stablecoins and Oracle networks.
Technical analysis of Cardano price
The daily chart shows that ADA price fell to $0.3680, down sharply from September’s high of $1.017. It has formed a falling wedge pattern, consisting of two converging descending trendlines.
The coin’s Relative Strength Index and MACD indicators have formed a bullish divergence trend. Therefore, the token could bounce back to the key resistance level at $0.5147, its lowest point in April and June this year. This price is approximately 40% higher than the current level.
