The first week of August began with a slower pace in global cryptocurrency market activity. Over the past seven days, total market capitalization has fallen at over 5%, reflecting the decline in trading momentum and the sentiment of more cautious investors across key digital assets.
Despite the broader market cooldown, the Nigerian retail crypto community continues to show dynamic interest. Here are the top three trending cryptocurrencies in the region, based on online engagement over the past 24 hours:
core
Layer-1 (L1) Coin Core appears as one of the trending altcoins in Nigeria today. At press time, the token was trading at $0.46, indicating a 3% decline over the last 24 hours.
During this period, Core’s trading volume will decline by more than 5%, with a decline in market participation and demand trends.
You can see that if prices and trading volumes fall simultaneously, they lose momentum from market participants. This trend suggests that investors may be on the sidelines of their core due to market uncertainty and lack of confidence in short-term profits.
Measurements from Core/USD’s daily chart show that assets struggle below significant resistance levels at $0.47. As sales pressures intensify, the core may drop and slide for $0.33 towards the next major support floor.
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However, once interest on new purchases resurfaces, the token could regain its upward momentum and push towards $0.55, supporting current resistance.
Treasure (magic)
Artificial intelligence-based token magic is another Altcoin trend among Nigerian traders today. Unlike many other altcoins that have been caught up in the current market slump, Magic has beaten a wider downtrend to record a 26% price surge in the last 24 hours. At press time, the token trades for $0.18.
The price chart measurements suggest that this gathering is driven by genuine purchase interest rather than short-term speculation. Magic’s Positive Balance of Power (BOP) currently sits at 0.34 confirms this.
The BOP indicator measures the relative strength of purchasing and selling pressure in the market. If the BOP is in positive territory during the rally, it suggests signs of significant bullish emotions, healthier benefits.
If this bullish pressure continues, the magic could gather towards $0.21 based on current momentum, last touched on in early July.
However, profits could potentially bring Altcoin into a reversal, potentially pulling back to a drop in support levels around $0.14.
dogecoin (doge)
Top Meme Coin Doge is one of the trending altcoins in Nigeria today. The token lost 10% of its value as it peaked at a cycle high of $0.28 on July 21st. Meme Coin trades at $0.19 at press, down 5% over the past day.
On daily charts, the token fall relative strength index confirms sustained sales pressure. At the time of this writing, the momentum indicator has decreased at 40.64.
The RSI indicator measures the market conditions for asset acquisitions and overselling. Droping at 41.10, Doge’s RSI shows that Altcoin faces a decline in purchasing pressure from investors and further price drops as demand declines.
If demand is tilted towards the next few trading sessions, Doge witnesses a deeper price correction, causing its value to below $0.17.
However, Doge can reverse the downtrend and climb towards $0.23 once the Bulls regain control.
The top three altcoins trending in Nigeria in the first week of August first appeared in Beincrypto.
