This week has been notably bearish for the cryptocurrency market, with Bitcoin (BTC) finally breaking below the $110,000 price level. The drop has weighed heavily on broader market sentiment, pushing many other digital assets to multi-week lows.
Interestingly, amid this downturn, several coins have caught the attention of Nigerian traders. Today, STBL, HEMI, and Plasma (XPL) are the top three trending cryptocurrencies among traders in that region.
STBL
SponsoredSTBL, the native coin of the RWA-backed stablecoin protocol STBL, is one of the digital assets trending among Nigerian traders.
At press time, the altcoin trades at $0.4808. It has noted a 79% uptick in the past seven days, and is poised to keep climbing, thanks to the positive readings on its Balance of Power (BOP) indicator.
At press time, this is at 0.05. The BOP measures the strength of buying versus selling pressure over a given period, with positive values signaling that buyers are in control.
STBL’s BoP suggests that buying interest in the altcoin remains strong, despite ongoing bearish momentum. If demand continues to grow, the token could break above the price wall at $0.4986 and reclaim its all-time high of $0.6112.
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Conversely, any weakening in buying pressure could trigger a pullback toward the $0.4102 support level.
HEMI
While the broader market dips, HEMI has posted an eye-catching 109% surge over the past week, making it one of the trending cryptocurrencies in Nigeria today.
However, there is a catch. This triple-digit rally has coincided with a decline in the token’s Chaikin Money Flow (CMF), forming a bearish divergence. At press time, this key momentum indicator is below the zero line at -0.9.
The CMF measures the flow of money into or out of an asset, with declining readings during price rises suggesting that buying volume is weakening.
SponsoredThis divergence indicates that while HEMI’s price has trended higher, the rally may not be fully supported by sustained buying, leaving it vulnerable to short-term corrections.
In this scenario, it could shed recent gains, plunge under $0.1273, and fall to $0.1065
However, if new demand enters the market and backs HEMI’s rally, it could push its value toward $0.1569.
Plasma (XPL)
SponsoredNewly launched Layer-1 coin XPL is another altcoin trending among crypto traders in Nigeria today.
The stablecoin-focused Plasma blockchain’s native token, XPL, began trading on major exchanges, including Binance and OKX, on Thursday and has since seen a significant surge in trading volume.
Over the past day, the coin’s daily trading volume has rocketed by over 300,000% to reach $7.12 billion. This massive influx of trading activity has coincided with a 54% uptick in XPL’s price, reflecting strong interest from traders.
If this continues, it could push XPL’s price above $1.2832 and toward its all-time high of $1.4474.
XPL Price Analysis. Source: TradingView
However, XPL’s ballooning trading volume could propel the coin to euphoric price levels that may prove unsustainable. Once buyer exhaustion sets in, the altcoin could quickly lose momentum and face a pullback toward $1.1543.
