Top 3 Altcoins Trending in Nigeria in the Third Week of September

This week in crypto markets has been marked by heightened exercise, pushed in half by the US Federal Reserve’s rate of interest minimize. The transfer fueled an uptick in the broader rally, pushing the international crypto market capitalization up by 3% over the previous seven days.

Amid this rebound, sure digital belongings have captured explicit consideration amongst Nigerian merchants. Today, BNB, Avantis (AVNT), and APX are the high three trending altcoins in that area.

BNB

BNB’s latest rally to an all-time high above the $1,000 value mark has put it firmly on the radar of Nigerian merchants. While its value has since eased barely, now hovering near its peak at $998, market indicators counsel bullish sentiment stays robust. 

This is mirrored in the coin’s Balance of Power (BOP), which at present sits at 0.65, exhibiting consumers’ dominance in the spot market.

The BoP indicator measures the power of shopping for versus promoting stress over a given interval. Positive readings point out that bulls are in management, whereas damaging values level to stronger promoting exercise. 

BNB’s climbing BOP highlights that, regardless of its minor pullback from report highs, consumers proceed to carry the higher hand.If bullish confidence grows, BNB might revisit its all-time high at $1,001 and try to interrupt above it.

On the different hand, if profit-taking strengthens, BNB might fall towards $877.01.

For token TA and market updates: Want extra token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Avantis (AVNT)

AVNT, the native token of Avantis, a Real World Assets (RWA) perpetuals DEX, is one other altcoin trending in Nigeria right now. Currently buying and selling at $1.03, the token is up over 240% in the previous seven days.

However, this value hike has led to the gradual emergence of sellers, which can threaten its present rally. 

Readings from the token’s damaging Elder-Ray Index mirror this. As of this writing, it stands at -0.057, indicating rising bearish management.

The Elder-Ray Index measures the steadiness between bullish and bearish stress by analyzing the distinction between an asset’s exponential shifting common (EMA) and the power of bulls or bears in the market. A optimistic studying indicators consumers are in management, suggesting upward momentum. Conversely, when its worth is damaging, as with AVNT, it factors to sustained sell-side stress.

If this bearish momentum strengthens additional, it might drag the token’s value under the $1 mark.

 On the different hand, a resurgence in demand might flip sentiment and drive a rally towards $1.26.

APX

BNB-Chain-based APX is one other cryptocurrency trending in Nigeria right now. Its value efficiency mirrors the broader market uptick of the previous day, recording a formidable 34% achieve. However, its day by day buying and selling quantity has dropped by practically 50%, a divergence that means the rally could also be shedding momentum.

Typically, when an asset’s value rises whereas buying and selling quantity falls, it indicators weakening conviction behind the transfer. This divergence hints that fewer consumers are driving the value motion, elevating the danger of a short-term pullback. 

If momentum weakens, APX might slip under the $0.64 mark.

On the different hand, if renewed demand enters the market, APX’s value might revisit its all-time (*3*)

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