With news of Eminem dropping his first NFT collection this weekend, it may be an ideal time for traders to take a look at top NFT marketplace tokens that are now consolidating. Tokens that are less popular that rank below the top 500 are rallying right now. VEE, SHROOM, CHR, DRT, GAME have rallied in the past 24 hours against altcoins in the top 100 that have lost market capitalization and suffered a price drop.
Top NFT marketplace tokens are currently in the buy zone, and the price has dropped from 2% to 10% in the last 24 hours. There is an increase in the selling pressure on these NFT tokens, however, and this is also in turn, a buying opportunity.
NFT Marketplace tokens || Source: Coinmarketcap.com
The top 5 NFT marketplace tokens THETA, CHZ, MANA, ENJ, DGB are consolidating at the current price level. The post-correction recovery run hasn’t started for NFT tokens, and it is likely that it may start soon since trade volume is increasing across spot exchanges. The price is over 15% away from last week’s level and the current consolidation has offered a buying opportunity for traders who missed the bull run.
Volatility vs Volume of DGB || Source: Lunarcrush
Based on the above price chart from Lunarcrush, the volatility has dropped for DGB significantly in the past 24 hours. It is currently at 0.04 according to the chart and the volatility is expected to increase to the 0.09 level. The price is at the $0.11 level at the current volume. The volume was at a relatively higher level a week ago, however, the trade volume has dropped considerably. This has led to a drop in liquidity and volatility. This has been observed in other NFT marketplace tokens like THETA, ENJ, and MANA.
Similarly, FLOW that ranks 91 in the top 100 altcoins by market capitalization is currently trading at the $27 level. The trade volume has dropped over 25% in the last 24 hours, the dropping volume is leading to a drop in volatility. The price is nearly 40% away from the ATH that has hit the $46.16 level. The short-term ROI for most top NFT marketplace tokens is low and the long-term gains are relatively high. The on-chain analysis from IntoTheBlock for NFT tokens signals a rising interest and demand from traders across spot exchanges.