The total daily trading volume for NFTs has increased steadily since February 2021. It reached an ATH in March 2021. Your transaction volume is directly related to the price and the ROI, the price campaign after March.
Top tokens like THETA, ENJ, CHZ, MANA and FLOW are currently consolidating. In the case of THETA, the price has been largely between $ 11.5 and $ 13.4 for over two weeks. THETA is currently trading at USD 12.11 and trading volume on spot exchanges is falling, indicating a consolidation phase in the following week. The price has fallen by almost 5% and THETA is currently in the buy zone.
For HODLers who are willing to operate HODL for over 90 days, a return of over 500% can be expected due to historical price movements. THETA hit its ATH less than 15 days ago, and as it is consolidating based on its price chart, this may be the ideal time for traders to start accumulating.
Another token that is currently being consolidated is Enjin Coin. 94% of ENJ HODLers are profitable at the current price level. The mood in the chain is neutral, but the trading volume is down almost 60%. The concentration of large hodlers is currently 67% as this is expected to increase the price.
ENJ price chart || Source: Coinmarketcap.com
Based on the price chart above, traders can expect the price level to decline in March 2021. For other tokens like CHZ, MANA, and FLOW, market capitalization has had an impact on NFT returns, as shown in the table below.
NFT returns by market capitalization || Source: Kraken Report
Chiliz is one of the top high-yielding tokens in March 2021, followed by Audius, Ecomi, Origin, Enjin Coin and Decentraland. Based on the Kraken report, the market capitalization of these tokens is directly related to the rise in price.
High returns on NFTs match some of the notable works of art that made a huge impact. Top works of art are the legendary British street artist Banksy, who is burned and turned into an NFT. The Kings of Leon are the first band to release an album as NFT. Justin Sun buys Jack Dorsey’s first tweet for $ 500,000, digital artist Beeple sells an NFT for $ 69,000,000 through old Christie’s auction house, etc.
These notable NFTs have resulted in a single trend that stems from top tokens, rising demand, and an optimistic mood among dealers and art collectors. Of the 10 largest NFT coins by market cap, the March average and median returns were + 404% and + 343%, respectively. The top performer was Chiliz, after which MANA and FLOW emerged as competitors with 329% and 65% respectively.
At MANA, the trading volume has dropped by almost 40%, this NFT token is also heading towards consolidation. In the case of FLOW, it fell by over 20%. These two NFT tokens are also currently being consolidated. These two coins are also in the buy zone for traders looking to buy NFTs before the next wave of bullish trends hits the top NFT tokens. Based on the price action and trend in March and the first 10 days in April, traders can watch out for NFT tokens like THETA, CHZ, MANA, FLOW, and ENJ as the returns compete with the top altcoins that offer double-digit returns in the short term Time like ADA, XRP, LINK, NPXS, HOT.
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