Top 3 trending altcoins in Nigeria this week

Bitcoin's rise to a new All-Time-High this week has driven a strong recovery in the global cryptocurrency market, with Nigeria being no exception.

On Luno, one of the top cryptocurrency exchanges in the region, this new enthusiasm is clearly shown through the increased trading volume of assets like Dogecoin (DOGE), Ankr (ANKR), and Aave (AAVE) – each attracting the attention of Nigerian investors this week.

Dogecoin (DOGE)

In an exclusive interview with BeInCrypto, Ayotunde Alabi, CEO of Luno Nigeria, said that despite the leading Bitcoin dominating global headlines, DOGE has quietly maintained its position in the list of most traded assets on Luno Nigeria, maintaining strong interest from local traders.

Alabi linked the recent increase in DOGE trading by Nigerian investors directly to Elon Musk's surprise launch of the America Party.

"The speculation may have been driven by Elon Musk's surprise launch of the America Party, where he expressed support for Bitcoin and other innovative policies. Given Musk's previous relationship with Dogecoin, even if symbolic or fleeting, some investors may be targeting the potential price increase of this asset as this political situation develops," he said.

At the time of writing, DOGE was trading at $0.197, up 18% over the past week. On the daily chart, its Relative Strength Index (RSI) was 64.86 and rising, indicating strong buying pressure.

The RSI measures overbought and oversold conditions of an asset. It ranges from 0 to 100. Values above 70 indicate an asset is overbought and may decline, while values below 30 suggest the asset is oversold and may recover.

DOGE's RSI confirms support for its price increase, and if this continues, the meme coin's price could extend its rally above $0.206.

However, if selling pressure increases, DOGE could drop to $0.175.

Ankr (ANKR)

ANKR is one of the trending altcoins that has attracted the attention of Nigerian traders this week. Alabi told BeInCrypto that this altcoin has quietly secured a position in the top 10 most traded assets on Luno Nigeria since the beginning of July.

This can be explained by its price increase, with the token rising 19% since the start of the month.

ANKR's increase seems tied to its apparent value – "lowering Web3 development barriers by eliminating the need for complex crypto infrastructure." The CEO noted that this approach resonates with Nigerian investors, who have begun exploring beyond traditional altcoins.

Notably, ANKR recorded higher local trading volume than Cardano (ADA) last week, reflecting the upward trend it is experiencing, Alabi said.

If this upward trend continues and trading volume remains high, ANKR could rise to $0.017 in the short term.

On the other hand, a revival of negative sentiment could nullify this price increase potential. In that case, its price could drop to $0.015.

Aave (AAVE)

Alabi identified the decentralized finance (DeFi) token AAVE as another trending altcoin that has attracted the attention of Nigerian traders. According to him, this is due to the gradual increase of DeFi penetration in the region.

"With DeFi adoption gradually increasing in Nigeria, the growing presence of AAVE in Luno's top trading list shows that investors are increasingly accepting the practical applications of decentralized finance, especially those with proven track records," the CEO told BeInCrypto.

At the time of writing, AAVE was trading at $316.95, up 17% over the past seven days. If accumulation continues, the altcoin could rise to $325.41 in the next trading session.

Conversely, the token's price could drop to $290.80 if the bears regain control.