Nigerian cryptocurrency traders are increasingly turning their attention to alternative cryptocurrencies (altcoins) such as TAO, AURA, and SAND, seeking opportunities beyond the established giants of Bitcoin and Ethereum. There are plenty of reasons that these altcoins are getting a lot of attention. They’re connected to record optimism for artificial intelligence (AI), rampant decentralized finance (DeFi) speculation, and metaverse gaming. While high returns can be extremely alluring, they carry an equally high risk for increased volatility. Recent price action and technical analysis underscore this obvious trend.
TAO's Technical Indicators Suggest Potential Price Drop
TAO is the native token of Bittensor, a decentralized proof-of-work network focused on training AI models on-chain. At this moment, it has one of the biggest positive altcoin trending factors in Nigeria. This interest is undoubtedly being driven by the global hype around AI and the possibilities it holds.
TAO’s technical indicators point toward an impending price drop. Additionally, the altcoin’s Relative Strength Index (RSI) is below the 50-neutral line, indicating weak demand. Adding to this bearish view is TAO’s negative Balance of Power (BoP) which highlights the lack of demand.
As of publication time, TAO is trading for $0.25, down 7% in the last week. Should the bearish sentiment continue, TAO might trade as low as $0.21. Specifically, TAO topped an all-time high at $0.21, albeit briefly, before pulling back on Friday.
AURA Experiences Surge Amid DeFi Speculation
AURA, a Solana-based culture token, has recently seen a significant influx of trader interest, largely thanks to DeFi speculation. Unlike many of the other cryptocurrencies in this current bear market, AURA has proven to be a resilient token. Over the last 24 hours, it has jumped up 12%.
At printing time, AURA is trading at $0.17. All that could be said with certainty of the future direction of its price is that it was up.
If selloffs go back to dominating the market, AURA’s price will drop under $0.16 and maybe as low as $0.13. On the contrary, if demand persists, AURA’s market value may reach as high as $0.41.
SAND Rides Wave of Metaverse and NFT Interest
SAND, the native utility token of The Sandbox, is seeing waves of adoption in Nigeria. This surge in interest can primarily be credited to the excitement surrounding metaverse gaming and non-fungible tokens (NFTs).
As FTX Tech’s token has increased over 19,000% in value just last week. Speculative momentum is what's driving this surge. Traders are excited to take advantage of the burgeoning interest in virtual environments and NFT assets.
Rapid price appreciation is usually accompanied by dangerous risk factors. Speculative bubbles can deflate suddenly, causing investors to incur significant losses. Traders should be careful before investing in SAND or any altcoin. Regardless, it’s absolutely critical to do your research before deploying money.
