The first week of August began with a slowdown in global cryptocurrency market activity. Over the past 7 days, the total market capitalization dropped by more than 5%, reflecting decreased trading momentum across major digital assets and investors' cautious sentiment.
Despite the market-wide cooling, Nigeria's retail cryptocurrency community continues to show dynamic interest. Based on online engagement over the past 24 hours, the three most popular cryptocurrencies in this region are as follows:
CORE
Layer-1 (L1) coin CORE emerged as one of the popular altcoins in Nigeria today. At the time of reporting, this token was trading at $0.46, having declined 3% in the past 24 hours.
During this period, CORE's trading volume decreased by more than 5%, indicating reduced market participation and weakening demand trends.
When price and volume decline simultaneously, it signifies a loss of momentum among market participants. This trend suggests that investors might be turning away from CORE due to market uncertainty or lack of confidence in short-term gains.
The daily chart reading for CORE/USD shows the asset struggling below a key resistance level of $0.47. If selling pressure intensifies, CORE could slide lower to the next major support line at $0.33.
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However, if new buying interest re-emerges, the token could recover its upward momentum and push to $0.55, potentially converting the current resistance to support.
Treasure (MAGIC)
AI-based token MAGIC is another popular altcoin among Nigerian traders today. Unlike many other altcoins stuck in market depression, MAGIC recorded a 26% price surge in the past 24 hours, breaking out of the downturn. At the time of reporting, this token was trading at $0.18.
Price chart readings suggest this rally is driven by genuine buying interest rather than short-term speculation. MAGIC's positive Balance of Power (BoP), currently positioned at 0.34, confirms this.
The BoP indicator measures the relative strength of buying and selling pressure in the market. When BoP is in the positive zone during a rally, it indicates strong upward sentiment and signals a healthier rise.
If this upward pressure continues, MAGIC could rally to $0.21, a level it last reached in early July, based on its current momentum.
However, if profit-taking begins, the altcoin could reverse, with prices potentially returning to the lower support level around $0.14.
Dogecoin (DOGE)
Top meme coin DOGE is one of the popular altcoins in Nigeria today. Since reaching its July 21st cycle high of $0.28, this token has lost 10% of its value. The meme coin was trading at $0.19 at the time of reporting, having declined 5% over the past day.
The token's declining Relative Strength Index on the daily chart confirms persistent selling pressure. At the time of writing, the momentum indicator was at 40.64 and declining.
The RSI indicator measures an asset's overbought and oversold market conditions. DOGE's RSI at 41.10 and falling indicates that the altcoin is experiencing reduced buying pressure from investors, and as demand decreases, there is a risk of further price decline.
If demand continues to wane over the next few trading sessions, DOGE could undergo a deeper price correction, with its value potentially dropping below $0.17.
However, Dogecoin could reverse its downtrend and rise to $0.23.
