Bitcoin’s Surge Sparks Optimism in Nigeria’s Crypto Market
Bitcoin’s steady rise towards a new record high this week has sparked a positive reaction throughout the global cryptocurrency landscape, including in Nigeria. The excitement is particularly noticeable on Luno, a prominent crypto exchange in the region, where trading volumes for cryptocurrencies like Dogecoin (DOGE), Ankr (ANKR), and Aave (AAVE) have increased significantly, capturing the attention of investors in Nigeria.
Dogecoin (DOGE) Remains a Favorite
In an exclusive conversation with BeInCrypto, Ayotunde Alabi, Luno Nigeria’s CEO, emphasized that while Bitcoin garners significant media attention, DOGE has consistently maintained its status among the most traded assets on Luno Nigeria. This enduring interest from local traders is, according to Alabi, closely linked to Elon Musk’s unexpected announcement regarding the launch of the America Party. “Speculation has likely intensified following Musk’s surprise announcement, where he indicated support for Bitcoin and other innovative policies. Given Musk’s historical association with Dogecoin, even if it’s largely symbolic, some investors are likely considering the asset’s potential for growth in the wake of these political developments,” he remarked. Currently, DOGE is valued at $0.197, reflecting an 18% increase over the past week. Its Relative Strength Index (RSI), which assesses market conditions, stands at 64.86 and is on the rise, signaling robust buying interest. The RSI, ranging from 0 to 100, indicates that values above 70 may suggest an overbought condition, while numbers below 30 could point to oversold conditions. The current RSI for DOGE supports the notion of strong demand, suggesting that the meme coin could potentially rally past $0.206.
DOGE Price Analysis
However, should selling pressure increase, DOGE’s price might retract to $0.175.
Ankr (ANKR) Gains Popularity Among Traders
ANKR is another altcoin that’s garnered significant attention from Nigerian traders this week. Alabi shared with BeInCrypto that ANKR has steadily climbed into the top ten most-traded assets on Luno Nigeria since early July, primarily due to its 19% price increase since the start of the month. This growth is largely attributed to its appealing value proposition, which aims to simplify Web3 development by eliminating the need for complicated crypto infrastructure. Alabi noted that this strategy resonates well with Nigerian investors, who are increasingly exploring options beyond traditional altcoins. Remarkably, ANKR’s local trading volumes recently surpassed those of Cardano (ADA), highlighting its favorable reception among traders, according to Alabi. If the current bullish momentum continues and trading volumes remain elevated, ANKR could target a price of $0.017 in the short term.
ANKR Price Analysis
On the flip side, negative market sentiment could derail this positive outlook, potentially causing its price to dip to $0.015.
Aave (AAVE) Attracts Growing Interest
Alabi has also pointed out that AAVE, a token associated with decentralized finance (DeFi), is gaining traction among Nigerian traders. This trend is attributed to the gradual acceptance of DeFi within the region. “As DeFi adoption slowly gains momentum in Nigeria, AAVE’s growing prominence on Luno’s trading list indicates that investors are beginning to embrace the practical applications of decentralized finance, especially those with a proven success record,” he noted. Presently, AAVE is trading at $316.95, marking a 17% increase over the past week. If this accumulation trend continues, the altcoin could rise to approximately $325.41 in the next trading session.
AAVE Price Analysis
Conversely, if bearish sentiment prevails, AAVE’s price could decline to $290.80.
Disclaimer
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