APX gains 34% yet faces weakening conviction as trading volume halves, raising short-term pullback risks despite bullish interest.
This week in crypto markets has been marked by heightened activity, driven in part by the US Federal Reserve’s interest rate cut. The move fueled an uptick in the broader rally, pushing the global crypto market capitalization up by 3% over the past seven days.
Amid this rebound, certain digital assets have captured particular attention among Nigerian traders. Today, BNB, Avantis (AVNT), and APX are the top three trending altcoins in that region.
BNB’s recent rally to an all-time high above the $1,000 price mark has put it firmly on the radar of Nigerian traders. While its price has since eased slightly, now hovering close to its peak at $998, market signals suggest bullish sentiment remains strong.
This is reflected in the coin’s Balance of Power (BOP), which currently sits at 0.65, showing buyers’ dominance in the spot market.
The BoP indicator measures the strength of buying versus selling pressure over a given period. Positive readings indicate that bulls are in control, while negative values point to stronger selling activity.
BNB’s climbing BOP highlights that, despite its minor pullback from record highs, buyers continue to hold the upper hand.If bullish confidence grows, BNB could revisit its all-time high at $1,001 and attempt to break above it.
On the other hand, if profit-taking strengthens, BNB could fall toward $877.01.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
AVNT, the native token of Avantis, a Real World Assets (RWA) perpetuals DEX, is another altcoin trending in Nigeria today. Currently trading at $1.03, the token is up over 240% in the past seven days.
However, this price hike has led to the gradual emergence of sellers, which may threaten its current rally.
Readings from the token’s negative Elder-Ray Index reflect this. As of this writing, it stands at -0.057, indicating growing bearish control.
The Elder-Ray Index measures the balance between bullish and bearish pressure by analyzing the difference between an asset’s exponential moving average (EMA) and the strength of bulls or bears in the market. A positive reading signals buyers are in control, suggesting upward momentum. Conversely, when its value is negative, as with AVNT, it points to sustained sell-side pressure.
If this bearish momentum strengthens further, it could drag the token’s price below the $1 mark.
On the other hand, a resurgence in demand could flip sentiment and drive a rally toward $1.26.
BNB-Chain-based APX is another cryptocurrency trending in Nigeria today. Its price performance mirrors the broader market uptick of the past day, recording an impressive 34% gain. However, its daily trading volume has dropped by nearly 50%, a divergence that suggests the rally may be losing momentum.
Typically, when an asset’s price rises while trading volume falls, it signals weakening conviction behind the move. This divergence hints that fewer buyers are driving the price action, raising the risk of a short-term pullback.
If momentum weakens, APX could slip below the $0.64 mark.
On the other hand, if renewed demand enters the market, APX’s price could revisit its all-time high of $0.80.
