Top 3 Trending Altcoins in Nigeria August 2025 First Week

Market Overview: Crypto Slowdown in Early August

The cryptocurrency market experienced a notable slowdown during the first week of August 2025. Global market capitalization declined by over 5% in seven days, reflecting reduced trading momentum and cautious investor sentiment across major digital assets.

Despite broader market challenges, Nigeria's retail crypto community maintains strong engagement with alternative cryptocurrencies. Based on 24-hour online engagement data, three altcoins stand out as trending favorites among Nigerian traders.

CORE Token: Layer-1 Blockchain Under Pressure

Current Price Performance

CORE, a Layer-1 blockchain token, currently trades at $0.46, marking a 3% decline in the past 24 hours. The token faces significant headwinds as trading volume drops by over 5%, indicating weakening demand and reduced market participation.

Technical Analysis and Price Outlook

The simultaneous decline in both price and volume signals loss of momentum among market participants. Investors appear to be stepping back due to market uncertainty and diminished confidence in short-term gains.

Technical indicators reveal CORE struggling below a critical resistance level at $0.47. If selling pressure intensifies, the token could slide toward its next major support floor at $0.33.

However, renewed buying interest could help CORE reclaim upward momentum, potentially pushing the price toward $0.55 and transforming current resistance into support.

MAGIC Token: AI-Based Cryptocurrency Defies Market Trends

Impressive 24-Hour Performance

MAGIC, an artificial intelligence-focused token, distinguishes itself by posting a remarkable 26% price surge while most altcoins struggle. The token currently trades at $0.18, bucking the broader market downtrend.

Strong Technical Fundamentals

Technical analysis suggests this rally stems from genuine buying interest rather than speculative trading. MAGIC's positive Balance of Power (BoP) indicator at 0.34 confirms significant bullish sentiment.

The BoP measures relative strength between buying and selling pressure. Positive BoP during a rally indicates healthy upside momentum driven by substantial investor confidence.

Price Targets and Risks

Sustained bullish pressure could drive MAGIC toward $0.21, a level last reached in early July. However, profit-taking activities may trigger a reversal, potentially causing price retracement to support levels around $0.14.

Dogecoin (DOGE): Meme Coin Faces Sustained Pressure

Recent Price Decline

Dogecoin, the leading meme cryptocurrency, trades at $0.19 after declining 5% in 24 hours. Since reaching a cycle high of $0.28 on July 21, DOGE has lost 10% of its value.

Technical Indicators Signal Weakness

The Relative Strength Index (RSI) confirms sustained selling pressure, currently sitting at 40.64 and declining. This momentum indicator measures overbought and oversold market conditions.

At current levels, DOGE's RSI indicates reduced buying pressure and potential for further price declines as demand weakens.

Future Price Scenarios

If demand continues declining over upcoming trading sessions, DOGE could experience deeper price correction, potentially falling below $0.17. Conversely, if bulls regain control, the meme coin could reverse its downtrend and climb toward $0.23.

Key Factors Driving Nigerian Crypto Interest

Market Resilience Despite Global Slowdown

Nigerian crypto traders demonstrate remarkable resilience, maintaining active engagement despite global market challenges. This persistent interest reflects the growing adoption of digital assets in the region.

Diverse Portfolio Preferences

The trending altcoins represent different sectors within cryptocurrency:

• CORE represents Layer-1 blockchain infrastructure

• MAGIC focuses on artificial intelligence applications

• DOGE dominates the meme coin category

This diversity indicates Nigerian traders' sophisticated approach to cryptocurrency investment, spanning various blockchain technologies and use cases.

Investment Considerations and Risk Management

Market Volatility Awareness

All three trending altcoins exhibit significant price volatility, requiring careful risk management strategies. Investors should conduct thorough research before making investment decisions.

Technical Analysis Importance

Understanding technical indicators like RSI, Balance of Power, and support-resistance levels helps investors make informed trading decisions in volatile cryptocurrency markets.

Disclaimer

This analysis serves informational purposes only and should not be considered financial or investment advice. Cryptocurrency markets remain highly volatile and subject to rapid changes. Always consult with qualified financial professionals before making investment decisions.

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