This week has seen an uptick in trading activity across the digital asset market, with the global crypto market capitalization climbing 3% over the past seven days.
The momentum has spilled over into local markets, where several tokens have captured attention among Nigerian traders. Recent on-chain data highlights three cryptocurrencies — Portal To Bitcoin (PTB), CREPE, and PEPE — that are trending in this region.
Portal To Bitcoin (PTB)
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Portal To Bitcoin has gained significant traction since launching its mainnet on September 3. At present, the value of its native token PTB sits at $0.0534, marking a remarkable increase of nearly 25% over the last week. Just today, PTB has seen an impressive 27% surge in price, riding the broader market rally.
However, amidst this excitement, a cautionary note must be raised. The trading volume for PTB has notably declined, dropping by 32% in the past 24 hours, now totaling $122 million. When prices rise but trading volumes fall, it can signify that the rally may lack the underlying support needed for sustained growth. Fewer buyers stepping in at higher price points can lead to a potential pullback.
For PTB, this divergence between increasing price and declining volume suggests that the recent gains may be fueled more by speculation than by strong demand. If profit-taking continues to dominate, PTB could struggle and possibly see its value plunge below $0.0476.
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Conversely, should the bulls maintain their dominance and demand picks up, PTB might breach the important resistance level of $0.0550, paving the way for further gains.
CREPE
Another altcoin that has caught the attention of Nigerian traders is CREPE, based on the BNB chain. Currently trading at $0.00001011, CREPE has posted modest gains of 3% within the past 24 hours. The asset’s Elder-Ray Index signals strong buying interest, indicating a favorable outlook.
The Elder-Ray Index is a valuable tool that assesses market pressure by evaluating the balance between bullish and bearish influences. CREPE’s current reading of 0.000002205 suggests that buyers hold the upper hand, indicating a potential for upward movement.
If this bullish trend continues, CREPE could aim for a breakout above the significant resistance level at $0.00001167. However, it should be noted that if profit-taking rises, the token may face downward pressure and risk retracing to $0.000005500.
PEPE
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The meme coin PEPE, popularized by its frog-themed branding and built on the Solana blockchain, is also making waves among traders in Nigeria. Currently trading at $0.00001060, PEPE is successfully holding above its 20-day exponential moving average (EMA) on the daily chart.
The significance of the 20-day EMA lies in its ability to gauge the average price over the last 20 sessions, favoring more recent data. Trading above this indicator suggests that bullish momentum remains strong, favoring buyers in the marketplace.
If buying pressure persists, PEPE could surpass its resistance level at $0.00001070 and potentially climb towards $0.00001269. However, should the trend shift and profit-taking increases, the price may decline toward $0.00000830.
