Cardano Price Struggles as NIGHT Token Surges 20%

Cardano price slipped 1.54% over the past 24 hours to around $0.247, even as Midnight’s NIGHT token surged more than 20%. The contrasting performance came as softer U.S. inflation data lowered expectations for another Federal Reserve interest rate hike, while declining derivatives activity continued to weigh on ADA.

U.S. headline PCE inflation rose 3.4% annually in August, below the 3.7% market forecast. Core PCE, which excludes volatile food and energy prices, eased to 3.0%, also undershooting expectations of 3.3%. July’s headline and core figures were revised lower by 30 basis points.

Following the report, market expectations for an October Fed rate hike fell to roughly 35% from about 45%. Bitcoin traded near $83,500, Ethereum hovered around $2,670, and XRP remained below $1.50.

Meanwhile, NIGHT price jumped 20.20% to $0.0377, extending its weekly gain beyond 60%. Trading volume climbed 84% to $82.2 million, highlighting increased interest in the Midnight ecosystem. Holding above $0.035 could put the $0.040 resistance level in focus, while a reversal may expose support near $0.032.

Cardano founder Charles Hoskinson recently said Midnight can offer capabilities beyond Zcash, combining private asset transfers with private smart contracts. Midnight has also highlighted integrations with Dynamic and VIA Labs aimed at improving wallet onboarding, cross-network communication and sponsored transaction fees.

Despite NIGHT’s rally, Cardano has struggled to gain momentum. ADA futures open interest declined about 9% over the past week, falling from $1.99 billion to $1.81 billion. The contraction signals reduced leveraged market participation but does not necessarily indicate a bullish or bearish direction.

Technically, ADA faces immediate resistance around $0.250. A confirmed four-hour close above that level could strengthen the case for a move toward $0.270, followed by the major $0.300 resistance zone.

On the downside, support sits near $0.230, with $0.200 representing a more significant breakdown level. The four-hour RSI stood at 47.07, while MACD readings remained nearly flat, suggesting Cardano price momentum remains subdued despite improving macroeconomic conditions and NIGHT’s sharp rally.