348 Interactions, 6 today
Top NFT tokens such as THETA, ENJ, CHZ, MANA, and FLOW are currently consolidating. For more than two weeks, the price of THETA has been relatively rangebound between $11.5 and $13.4. THETA is currently trading at $12.11, and trade activity on spot markets is decreasing, indicating a consolidation process in the coming week. THETA’s price has fallen nearly 5%, and it is now in the purchase zone.
For HODLers willing to HODL for over 90 days, one can expect returns of over 500% based on historic price action. THETA hit its ATH less than 15 days ago, and since it is consolidating based on its price chart, this may be the ideal time for traders to accumulate.
Furthermore, increased interest in NFTs is driving aggregate regular transaction volume around the major NFT marketplaces. Enjin Coin is another NFT token that is currently consolidating. At the current price range, 94 percent of ENJ HODLers are profitable. On-chain sentiment is neutral, but exchange value has fallen by about 60%. The concentration of big hodlers is currently 67 percent, and if this rises, the price is projected to rise. This NFT token, like THETA, is consolidating.
Based on the price chart above, traders will anticipate a decline to the rate seen in March 2021. When it comes to other NFT tokens such as CHZ, MANA, and FLOW, market capitalisation has an impact on NFT returns, as seen in the chart below.
Chiliz is one of the top NFTs with high returns in March 2021, followed by Audius, Ecomi, Origin, Enjin coin, and Decentraland. Based on Kraken Report, the market capitalization of NFTs is directly related to the increase in price.
High returns on NFTs equate to some of the most notable works of art that have had a significant influence. Top art pieces include the legendary British street artist Banksy being burnt and turned into an NFT, Kings of Leon becoming the first band to release an album as an NFT, Justin Sun buying Jack Dorsey’s first tweet for $500,000, visual artist Beeple selling an NFT for $69,000,000 from legacy auction house Christie’s, and several more.
These notable NFTs have resulted in a single pattern of top tokens, rising demand, and bullish sentiment among traders and art collectors. The average and median returns for the ten largest NFT coins by market cap in March were +404 percent and +343 percent, respectively. Chiliz was the best scorer, and MANA and FLOW came in second and third with 329 percent and 65 percent, respectively.
In the case of MANA, exchange volume has fallen by nearly 40%, indicating that this NFT token is also on the verge of consolidation. In the case of FLOW, it fell by more than 20%. This two NFT tokens are both currently being consolidated; these two coins are both in the buy zone for traders looking to purchase NFTs until the next surge of bullish developments reaches top NFT tokens. Based on the market action and pattern in March and the first ten days of April, traders should keep an eye out for NFT tokens such as THETA, CHZ, MANA, FLOW, and ENJ, as their returns compete with the top altcoins that give double-digit returns in a short time frame, such as ADA, XRP, LINK, NPXS, and HOT.