According to TheMarketPeriodical, the NIGHT token dropped nearly 70% shortly after its launch, raising concerns about potential downward pressure on Cardano (ADA) price. The token was trading at $0.035000, down from a high of $0.1190, reducing its market capitalization to $582 million. ADA has formed an inverse cup-and-handle pattern, suggesting further downside. The Midnight network, a Cardano sidechain using ZK technology, was expected to attract developers and assets but may struggle to deliver as previous layer-2 and layer-1 chains have failed to retain users. The ADA price has fallen below key support levels and is currently at $0.4490.
Cardano Price at Risk as NIGHT Token Plunges 70% After Midnight Launch
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