In the past week, the NWST1100 fell by 11.65%, the index moved to strong support represented by 143-days EMA. DxChain Token (DX ) is the NWSL100 crypto index member which made the biggest jump in our ranking last two weeks.
*We gauge the crypto market breadth and direction of the market by showing charts 2100NEWS Digital Assets Total Index (NWST1100) which represent the top 1100 Digital Assets. The chart overwhelmed with information is at first glance difficult to read but on the chart is the most important price information, important decisive price levels, momentum, volume of trading, and crypto market breadth.
In the previous report, it was said, for the past week our assumption had been: the sideways trend was more likely. In the bearish scenario: NWST1100 could test the support near 830 points (-8%). On the NWST1100 chart above, we can see, even a slightly worse of the bearish scenario has happened, the index dropped to strong support represented by 143-days EMA.
Outlook for this week
Looking ahead to the week: The indicators give us the following signals: we can see that RSI is 37 – bearish, but 143-days EMA represents strong support. PPO histogram bars could start sloping up in the next few days. The Breadth indicators could flatten out. PPO histogram and RSI show us the most important thing – momentum rhythm which could start rising. This set up is the basis for my opinion: hovering near support is less likely. Maybe a little more likely is a rebound up to 850 points and beyond but is also likely to continue falling with a break down to 700 points.
Performance of different groups of Digital Assets (Coins and Tokens)
Looking at the table, you can see crypto markets experienced a pullback last two weeks. The total (NWST1100) index fell by 11.65% in the past week.
Crypto (Digital Assets) compared with global equity
On the chart below, the performance of the average Digital Aset represented by our NWST1100 index is compared with the average global equity represented by Dow Jones global index W1Dow. In the second half of the last year, crypto has fallen over 50% vs. global equity. but this year crypto is an excellent investment. The NWST1100 vs W1Dow pair experienced consolidation last two weeks (-10%), the pair has soared by 44% on the year.
Indexes Revision 2-28-2020
The Bi-weekly revision update both, the amount of each asset publicly available and any additions and deletions from the indexes. On the tables below there are additions and deletions from NWSL100, and NWSM200. As we can see on the tables Terra SDT, Aion, WAX… have improved their rankings they were added to NWSL100 and deleted from NWSM200. MaidSafeCoin, Stratis, SOLVE… were deleted from NWSL100. They are new members of NWSM200. New mid-caps are Breezecoin, BHEX Token, ETERNAL TOKEN. Other additions and deletions this week for the other indexes from the family are available in each index presentation.
We select the member in the NWSL100 crypto index with the biggest jump in our ranking. Considering an investor’s point of view, peer comparison should be efficient and effective. To make appropriate peer comparison we gauged the DxChain Token (DX ) with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). Looking at the chart below, at the top we can see the DX vs. NWSL100, in the middle of the chart is the original DX price, at the bottom of the chart are NWSL100 and correlation between DX and NWSL100. Purple area graph shows, DX was declining vs. NWSL100 in November, December, and January, but it has surged by 30% vs. NWSL100 in the last three weeks. However, the correlation graph gives us an explanation that the correlation is weak (Pearsons correlation coefficient = 0.47). For 85% of the time, it was moving in the same direction as the NWSL100. So, it has been a good representative of the NWSL100 index in terms of price changes.
DxChain Token (DX) Website: https://dxchain.com/
DX Large-cap Ethereum based token is 57th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor: 9.5 (Average for Large caps: 13.7)
Over the past week, the average market cap was 90.5 million $, average daily volume was 2.6 million $.
DxChain is the world’s first decentralized big data and machine learning network powered by a computing-centric blockchain. In other words, DxChain is a public chain, aims to design a platform to solve the computation of big data in a decentralized environment.