This week in crypto markets has seen increased activity, primarily due to the US Federal Reserve’s decision to cut interest rates. This action has contributed to a broader rally, resulting in a 3% rise in global crypto market capitalization over the last week.
During this resurgence, specific digital assets have garnered significant attention among Nigerian traders. Currently, BNB, Avantis (AVNT), and APX are the three leading altcoins in that region.
BNB
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BNB has recently surged to an all-time high above $1,000, making it a focal point for Nigerian traders. Although its price has slightly decreased, currently sitting at around $998, market indicators suggest a strong bullish sentiment remains.
This is evident in the coin’s Balance of Power (BOP), which is at 0.65, indicating buyer dominance in the spot market.
The BoP indicator evaluates the strength of buying against selling pressure over a specified timeframe. Positive values signify that bulls have the upper hand, while negative figures suggest stronger selling activity.
BNB’s rising BOP demonstrates that, despite a slight retreat from record levels, buyers continue to dominate. If bullish confidence escalates, BNB could revisit its all-time high of $1,001 and aim to surpass it.
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Avantis (AVNT)
AVNT, the native token of Avantis, a Real World Assets (RWA) perpetuals DEX, is currently trending among Nigerian traders. At present, it is priced at $1.03, reflecting an increase of over 240% in the last week.
However, this price surge has led to a gradual emergence of sellers, potentially jeopardizing the current rally.
Negative readings from the token’s Elder-Ray Index support this observation. As of now, it stands at -0.057, indicating a rising bearish influence.
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The Elder-Ray Index assesses the balance of bullish versus bearish pressure by examining the difference between an asset’s exponential moving average (EMA) and the strength of market bulls or bears. A positive index indicates bullish control, suggesting upward movement, while a negative value, as seen with AVNT, signals sustained selling pressure.
Should this bearish trend continue to strengthen, it could push the token’s price below the $1 threshold.
In contrast, a surge in demand could reverse sentiment and propel a rally towards $1.26.
APX
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APX, based on the BNB-Chain, is another cryptocurrency trending in Nigeria today. Its price performance reflects a broader market rise from yesterday, achieving an impressive 34% gain. However, its daily trading volume has decreased by nearly 50%, indicating a potential loss of momentum for the rally.
Typically, when an asset’s price increases while trading volume declines, it may signal a weakening conviction behind the move. This divergence suggests that fewer buyers are driving the price action, increasing the possibility of a short-term pullback.
Should momentum wane, APX could drop below the $0.64 level.
On the other hand, if demand resurges, APX’s price could reach its all-time high of $0.80.
