Cardano fell 1.54% to $0.247 over 24 hours even as Midnight's NIGHT token jumped more than 20% on an 84% surge in trading volume. Softer US inflation data cut the odds of another Fed rate hike, while ADA's futures open interest fell roughly 9% and technical indicators stayed subdued below the $0.250 resistance level.
Cardano price fell 1.54% to $0.247 over 24 hours, while Midnight's NIGHT token advanced more than 20% over the same window. The divergence emerged as softer American inflation figures reduced expectations for another Federal Reserve interest rate increase.
Core PCE Falls to 3.0%, Below Expectations
US headline PCE inflation registered 3.4% annually in August, compared with market expectations of 3.7%. Core inflation, which excludes food and energy, came in at 3.0%, against an anticipated 3.3%. July's headline and core readings also received downward revisions of 30 basis points each, leaving August's annual readings unchanged from July despite both undershooting expectations.
October rate hike probabilities near 35%, down from roughly 45% before the release. Bitcoin hovered near $83,500, Ethereum traded around $2,670, and XRP remained below $1.50 during Wednesday's market update.
NIGHT Surges 20% as Trading Volume Soars
NIGHT climbed 20.20% to $0.0377, outperforming a cryptocurrency market that gained only 0.23% over the same period. Trading volume increased 84% to $82.2 million, while the token's weekly advance exceeded 60%. Sustained activity above $0.035 could bring $0.040 resistance into view, though losing support risks a retreat toward $0.032.
Cardano founder Charles Hoskinson said, according to Cardanians (CRDN) on X: "Midnight can do far more than what Zcash does." Registered NIGHT holdings on Cardano can generate DUST on Midnight without transferring the underlying tokens between networks, and Dynamic and VIA Labs integrations support wallet onboarding, cross-network communication, and sponsored transaction fees.
ADA Slips as Open Interest Declines
Cardano's price weakness was paired with a decline in futures open interest, which fell roughly 9% over the past week, from $1.99 billion to $1.81 billion. The contraction indicates less leveraged involvement, though it doesn't show whether the shift was bullish or bearish.
The September 30 four-hour reading placed ADA at $0.245, down 1.61% during the candle. Cardano also faces resistance at $0.250, and a close above that level would clear immediate resistance, opening a move toward $0.270, with $0.300 as the next major level.
Initial support sits at $0.230, roughly 6.1% lower. The four-hour RSI was at 47.07, below 50, indicating limited bullish momentum, while the MACD line and signal line both read near -0.001.
Source: CoinGape
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