This week has been particularly bearish for the cryptocurrency market, with Bitcoin (BTC) finally falling below the $110,000 price level. This decline weighs heavily on broader market sentiment, pushing many other digital assets to multi-week lows.
Interestingly, during this recession, several coins have attracted the attention of Nigerian traders. Today, STBL, HEMI and PLASMA (XPL) are the top three trending cryptocurrencies among traders in the region.
STBL
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STBL, a native coin for RWA-backed Stablecoin Protocol STBL, is one of the trending digital assets among Nigerian traders.
At press time, Altcoin trades for $0.4808. We have been focusing on a 79% increase over the past seven days, and are poised to continue climbing thanks to positive measurements on balance power (BOP) indicators.
At press, this is 0.05. The BOP measures the strength of the sales of pressure over a specific period of time, with a positive value indicating that the buyer is in control.
STBL’s BOP suggests that despite its continued bearish momentum, buying interest in Altcoin remains strong. As demand continues to grow, the token will break above the price range at $0.4986, regaining a record high of $0.6112.
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Conversely, weakening of purchasing pressure can cause a pullback to a support level of $0.4102.
Hemi
While the broader market is falling, Hemi posted an eye-catching 109% surge last week, making it one of the trending cryptocurrencies in Nigeria today.
However, there is a catch. This triple digit gathering coincides with a decrease in tokens’ chaikin money flow (CMF) and forms a bearish divergence. At pressing, this important momentum indicator is below the zero line of -0.9.
The CMF measures the flow of money in and out of assets, suggesting that the decline in measurements during price increases has weakened purchase volumes.
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This divergence indicates that while hemi prices are high, the rally may not be fully supported by sustained purchases and remains vulnerable to short-term fixes.
In this scenario, you could reduce your recent profits, falling below $0.1273, and falling to $0.1065
However, new demand could push its value to $0.1569 if new demand enters the market and supports the Hemi rally.
Plasma (XPL)
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The newly launched Layer-1 Coin XPL is another Altcoin trend among Nigerian crypto traders today.
The native token XPL of the plasma blockchain, focusing on Stablecoin, began trading on major exchanges including Binance and OKX on Thursday, and has since seen a major surge in trading volume.
In the past day, daily trading volumes of coins have skyrocketed over 300,000% to $7.12 billion. This massive trading activity inflow coincides with a 54% rise in XPL prices, reflecting strong interest from traders.
If this continues, the XPL could cost over $1.2832, potentially pushing towards an all-time high of $1.4474.
However, XPL’s balloon trading volume could drive the coin to euphoric price levels that could prove unsustainable. Once buyer fatigue begins, Altcoin can quickly lose momentum and face a pullback to $1.1543.