CORE, MAGIC, and DOGE are the top trending cryptocurrencies in Nigeria, showing mixed price movements amid a global market slowdown, with MAGIC surging 26% while CORE and DOGE face selling pressure.
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CORE’s price and volume dropped over 5%, indicating weakening demand below $0.47 resistance.
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MAGIC surged 26% to $0.18, driven by strong buying interest and a positive Balance of Power.
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DOGE fell 5% to $0.19 with RSI at 41.10, signaling declining investor interest and potential further downside.
CORE, MAGIC, and DOGE show key price shifts in Nigeria’s crypto market amid global slowdown. Stay informed with COINOTAG’s latest insights and trends.
How is CORE Performing in Nigeria’s Crypto Market?
CORE is trading at $0.46, down 3% in 24 hours, with volume dropping over 5%, reflecting reduced market participation. The token struggles below a critical resistance at $0.47, signaling potential further declines if selling pressure continues. Investors are cautious as momentum fades, with support expected near $0.33.
What Does CORE’s Price and Volume Trend Indicate?
Simultaneous declines in price and volume typically indicate weakening momentum. CORE’s current trend suggests investors may be sidelining the token amid uncertainty. If buying interest returns, CORE could rebound toward $0.55, flipping resistance into support. Market participants should watch for volume spikes as a sign of renewed confidence.
CORE Price Analysis. Source: TradingView
Why is MAGIC Surging Despite Market Slowdown?
MAGIC has surged 26% to $0.18, defying broader market weakness with strong buying pressure. The positive Balance of Power (BoP) at 0.34 confirms sustained bullish momentum, indicating buyers dominate sellers. This AI-based token’s rally suggests genuine investor interest rather than speculative spikes.
What Are the Key Indicators Behind MAGIC’s Rally?
The BoP indicator measures buying versus selling strength. MAGIC’s positive BoP during the rally signals robust demand. If momentum holds, MAGIC may reach $0.21, its early July high. However, profit-taking could trigger a pullback to support near $0.14, so traders should monitor volume and price action closely.
MAGIC Price Analysis. Source: TradingView
What is Driving DOGE’s Recent Price Decline?
DOGE has dropped 5% to $0.19, with its Relative Strength Index (RSI) falling to 41.10, indicating weakening buying pressure. Since peaking at $0.28 on July 21, DOGE lost 10% of its value. The declining RSI reflects sustained selling momentum, suggesting the meme coin may face further downside if demand continues to wane.
How Could DOGE’s Price Movement Develop Next?
If selling persists, DOGE could dip below $0.17, deepening the correction. Conversely, a resurgence in bullish sentiment could push DOGE back toward $0.23. Investors should watch RSI and volume trends for early signs of reversal or continued decline.
DOGE Price Analysis. Source: TradingView
| CORE | -3% | Volume down 5%, resistance at $0.47 |
| MAGIC | +26% | Positive Balance of Power (0.34) |
| DOGE | -5% | RSI at 41.10, declining |
Frequently Asked Questions
What caused CORE’s recent price and volume drop?
CORE’s price and volume dropped due to weakening market participation and resistance at $0.47. This reflects investor caution and a potential shift away from the token in the short term.
How is MAGIC maintaining its bullish momentum?
MAGIC maintains momentum through strong buying pressure, confirmed by a positive Balance of Power. This indicates that buyers currently dominate sellers, supporting the rally.
What should investors watch for in DOGE’s price action?
Investors should monitor DOGE’s RSI and volume trends. A continued decline in RSI below 40 may signal further downside, while a rebound could indicate a potential price recovery.
Key Takeaways
- CORE: Faces selling pressure with declining volume and resistance at $0.47, risking further drops.
- MAGIC: Surges 26% backed by strong buying interest and positive market indicators.
- DOGE: Shows weakening momentum with falling RSI, indicating potential for continued price decline.
Conclusion
The Nigerian crypto market reveals mixed trends as CORE and DOGE face downward pressure while MAGIC rallies strongly. Investors should closely monitor volume and technical indicators to navigate this cautious environment. COINOTAG remains committed to delivering timely insights for informed trading decisions.
