This week’s Bitcoin gradually climbs to this week’s new history high, prompting bullish rebounds across the global crypto market. Nigeria is no exception.
At Luno, one of the region’s major crypto exchanges, this new enthusiasm is evident in the surge in trading volumes of assets such as Dogecoin (Doge), ANKR (ANKR) and Aave (Aave).
dogecoin (doge)
In an exclusive interview with Beincrypto, Luno Nigeria CEO Ayotunde Alabi said that while Top Coin Bitcoin dominates global headlines, Doge quietly retains its position on Luno Nigeria’s list of top traded assets, maintaining great interest among local traders.
Arabi has directly linked the recent surge in Doge trading among Nigerian investors to the surprising launch of Elon Musk’s American Party.
“The speculation could have been driven by the unexpected launch of Elon Musk’s American Party, where he signaled policies suitable for ProBitcoin and other innovations. Think of Musk’s past relationship as Dogecoin.
At press time, Doge traded at $0.197, up 18% over the past week. On the daily chart, its relative strength index (RSI) is 64.86, indicating strong buyback pressure on the mountain.
The RSI indicator measures the market conditions for asset acquisitions and overselling. It ranges from 0 to 100. Values above 70 suggest that the asset is over-acquired and paid for a price drop, while values below 30 indicate that the asset is over-sold and may witness a rebound.
Doge’s RSI has confirmed demand in favour of the rally, and if this continues, Meme Coin’s price could extend Rally above $0.206.
However, if the selloff gains traction, the Doge could drop to $0.175.
ANKR (ANKR)
ANKR is one of the trending altcoins that gained traction among Nigerian traders this week. Alabi told Beincrypto that Altcoin has quietly secured its position among the top 10 most trade assets in Luno Nigeria since early July.
This could be attributed to its price increase, with the token rising 19% from the beginning of the month.
The increased traction of ANKR appears to be linked to its clear value proposition. “Reducing barriers to Web3 development by removing the need for complex crypto infrastructure.” The CEO noted that this approach resonated with Nigerian investors and began exploring beyond more traditional altcoins.
In particular, ANKR registered a higher local trading volume than Cardano (ADA) last week, which reflects the bullish bias they enjoy, Arabi said.
If this bullish trend persists and trading volumes are high, ANKR could rise to $0.017 in the short term.
On the other hand, a revival of negative emotions could negate this bullish outlook. In that scenario, its price could drop to $0.015.
aave (aave)
Alabi has identified the Decentralized Financial (DEFI) token Aave as another trend Altcoin that attracted the attention of Nigerian traders. According to him, this is due to the gradually rising defi penetration in the region.
“Aave’s presence on Luno’s top trade list suggests that investors have a real-world application of decentralized finance, particularly a proven track record, the CEO told Beincrypto.
At the time of writing, Aave is trading at $316.95, an increase of 17% over the past seven days. If accumulation continues, Altcoin could rise to $325.41 in the next trading session.
Conversely, the price of the token could drop to $290.80 when the Bears regain control.
This week, the top three altcoins in Nigeria are trending in the top three, first appeared on Beincrypto.
