The gradual rise in Bitcoin's price to a new all-time high (ATH) this week has boosted the recovery trend positively in the global crypto market, and Nigeria is no exception.
On Luno — one of the leading exchanges in the region, the renewed excitement is evident through the increased trading volume of assets like Dogecoin (DOGE), Ankr (ANKR), and Aave (AAVE) — each coin has attracted significant attention from Nigerian investors in the past week.
Dogecoin (DOGE)
In an interview, CEO Ayotunde Alabi of Luno Nigeria stated that while Bitcoin still dominates global media coverage, Dogecoin (DOGE) has quietly maintained its position among the most traded assets on Luno Nigeria, indicating strong interest from local traders.
Alabi believes that the recent surge in DOGE trading in Nigeria is directly related to Elon Musk's sudden formation of the America Party.
"The hypothesis put forth is that Elon Musk's sudden launch of the America Party has Bitcoin-friendly policies and innovative technology. Due to Musk's previous ties with Dogecoin — though largely symbolic or fleeting, some investors may be hoping for this coin's price to rise in the new political landscape."
At the time of writing, DOGE is trading at $0.202, up 24% in the last week. On the daily chart, DOGE's relative strength index (RSI) reached 64.86 and continues to rise, indicating strong buying pressure.
The RSI indicator is used to measure the overbought or oversold level of an asset in the market, ranging from 0 to 100. A value above 70 indicates that the asset is overbought and may correct downward, while a value below 30 reflects an oversold condition and could bounce back.
The current RSI of DOGE confirms that there is buying pressure supporting this price increase. If the positive trend continues, the price could extend its rise and exceed $0.206 or even $0.22.
However, if the sell-off intensifies, DOGE could drop to $0.175.
Ankr (ANKR)
Ankr (ANKR) is one of the most sought-after altcoins attracting the attention of Nigerian traders this week. According to Alabi, ANKR has quietly entered the top 10 most traded assets on Luno Nigeria since early July. This is largely due to the recent price surge, having increased by 19% since the beginning of the month.
The increasing appeal of ANKR seems to be linked to the core value that the project provides — 'reducing barriers in Web3 development by eliminating the need to build complex crypto infrastructure.' The CEO stated that this approach is very suitable for Nigerian investors as they begin to explore beyond traditional altcoins.
Notably, ANKR recorded trading volume in Nigeria higher than Cardano (ADA) last week, reflecting the positive trend that this coin is experiencing.
If this upward trend continues and trading volume remains high, ANKR could very well aim for the $0.017 mark in the short term.
On the other hand, the resurgence of negative sentiment could nullify the bullish outlook. In that case, the price could fall to $0.015.
Aave (AAVE)
Alabi stated that the DeFi token AAVE is an altcoin attracting the attention of Nigerian traders. According to him, this stems from the increasing access to DeFi in the region.
"As DeFi applications begin to gain popularity in Nigeria, AAVE is appearing more frequently in the list of most traded assets on Luno, indicating that investors are starting to pay attention to real-world DeFi applications — especially projects that have a proven track record of effectiveness," the CEO shared.
At the time of writing, AAVE is trading at $300.06, up 12.5% in the last 7 days. If the accumulation trend continues, this altcoin could rise to $325.41 in the next trading session.
Conversely, the price of the token could drop to $290.8 if the bears regain dominance.