Cardano ADA Hits Lowest Since July as Hoskinson Floats Midnight Flip
Cardano's ADA touched $0.168, its lowest since July, after a 27% monthly drop. NIGHT is up 130% since September, and Hoskinson says it could overtake ADA by market cap, though a $6.19 billion gap remains.
Cardano's ADA touched $0.168 on Nov. 12, its lowest price since July, extending a 27% slide over the past month. The token traded near $0.170 later in the session, down 3.18% on the day.
The drop arrives as Charles Hoskinson, Cardano's founder, said in a recent interview that the Midnight network's NIGHT token could overtake ADA by market cap. He framed Midnight's growth as bullish for Cardano rather than a threat to it.
"There is a lot of traction behind Midnight right now, and it's growing by leaps and bounds, and it's growing counter-cyclic to the market… if Midnight grows, I think it's going to grow Cardano considerably"
Charles Hoskinson, founder of Cardano
ADA has also traded below $0.169, with losses nearing 4% for the week, and is heading into its sixth consecutive weekly decline. The slide comes amid heavy selling pressure, bearish sentiment across the crypto market and a broader decline in risk assets.
NIGHT diverges from ADA
NIGHT has moved the other way, rising 3.38% over the same one-month period. TradingView data shows NIGHT climbing from $0.020 on Sept. 12 to $0.046, a 130% gain, for a market cap of $774 million. ADA fell 20% over that window.
On the adoption side, Monument Bank unveiled a £250 million tokenization project on the Midnight network.
A flip is not close. ADA's market cap stands at $6.19 billion, against NIGHT's $774 million.
Derivatives and technicals point lower
CoinGlass data shows a weighted funding rate of -0.0089% and a Taker Buy/Sell ratio below 1, both consistent with traders leaning short. Open interest fell 9% in 24 hours to $368 million.
On the chart, the RSI sits at 39. That reading is weak but not oversold, so it does not signal a bounce. Awesome Oscillator bars are negative. The technical outlook sees a near-term retest of $0.14 as likely, with the multi-year low of $0.10 as a deeper target. A bullish reversal would require a close above $0.21 for three straight weeks.
Context
BCA previously reported that Cardano ecosystem tokens cratered as MVMT Labs filed for bankruptcy. The current drop also contrasts with the earlier rally toward $0.20 after the Van Rossem hard fork, a level ADA now trades well below.
A post from Altcoin Daily on X circulated alongside coverage of the move.
