Tron (TRX) benefits from USDT’s dominance in Nigeria, seeing a rise in trading volumes and potential to hit $0.296.
Crypto markets in Nigeria are starting July on a bullish note, with trading activity picking up across multiple altcoins.
This trend reflects a growing appetite among Nigerian investors for emerging opportunities as the broader markets navigate the aftermath of the geopolitical tensions between Iran, Israel, and the US.
BeInCrypto spoke with Ayotunde Alabi, Country Manager at Luno Nigeria, who observed a shift in investor behavior. According to Alabi, Nigerian traders have begun to diversify beyond traditional large-cap assets, focusing on cryptocurrencies linked to artificial intelligence, real-world assets, and emerging technologies.
One such asset gaining traction among traders in the region is TAO.
“Nigerian investors have shown heightened interest in the project, which aligns with a global trend of exploring decentralised alternatives to AI monopolies. TAO’s strong showing among altcoin trades on Luno in Nigeria underscores its appeal in a country known for the early adoption of emerging technologies,” Alabi told BeInCrypto.
At press time, the altcoin trades at $323.40, climbing 3% over the past day. On the daily chart, the altcoin is poised to break above its 20-day exponential moving average (EMA), confirming the rising buy-side pressure.
The 20-day EMA measures an asset’s average price over the past 20 trading days, giving more weight to recent prices. When an asset breaks above its 20-day EMA, it signals a shift toward short-term bullish momentum. This suggests buyers are gaining control, and the price may continue to rise if volume supports the move.
TAO’s successful break above this key moving average could push its price to $349.60.
On the other hand, if demand falls, the altcoin’s value could fall to $304.80.
Alabi told BeInCrypto that Ripple’s XRP has been among the top five traded assets in Luno Nigeria in the last two weeks. This reflects renewed investor interest in the token following several key developments.
Alabi noted that sentiment around XRP has been shaped largely by regulatory developments. After years of legal uncertainty in the US, Ripple, XRP’s issuer, recently dropped its cross-appeal against the regulator, ending the protracted legal battle.
He added that investor momentum has also been fueled by “speculation about a potential spot XRP ETF and the recent launch of Ripple’s US dollar-backed stablecoin (RLUSD),” both of which have helped “reignite interest” in the altcoin.
Currently, XRP trades at $2.22, up 6% in the past seven days. If bullish momentum climbs as the month progresses, the token’s price could rally to $2.3.
However, if selling pressure strengthens, XRP’s value could slip to $2.03.
Layer-1 (L1) coin TRX is another asset to watch in Nigeria this July. According to Alabi, the continued dominance of Tether’s USDT in Nigeria’s crypto market is having a knock-on effect on Tron, the blockchain that hosts over half of USDT’s circulating supply.
As USDT remains one of the most heavily traded assets in the country, TRX is also seeing a rise in local trading volumes.
“In the past two weeks, TRX ranked among the top 10 most traded assets on Luno Nigeria. This reflects how Nigerian investors are using both assets not only for hedging, but also as core components of crypto-based payments and remittances,” Alabi stated.
As of this writing, the altcoin trades at $0.28. If trading volume continues to rocket, TRX’s price could reach $0.296.
Conversely, if demand weakens as July progresses, the altcoin’s value could fall toward $0.270.
