Last week, NWST1100 soared 14.62%, index price made a breakout from the upper trendline. Crypto markets experienced a sharp rally. Swipe (SXP) Token is a member of the NWSL100 crypto index that made the biggest jump in our ranking over the last two weeks.
*We gauge the crypto market breadth and direction of the market by showing charts 2100NEWS Digital Assets Total Index (NWST1100) which represents the top 1100 Digital Assets. The information-laden chart is difficult to read at first glance but the chart shows key price information, important decisive price levels, momentum, trading volumes, and crypto market breadth.
The previous report showed that our assumption for last week had been: a more likely course was a move up to resistance R1. The NWST1100 chart shows a sharp rally. The index price made a breakout from the upper trendline. At the top we see momentum indicators: PPO lines are sloping up, and RSI has risen deep in the overbought zone. The bar graph on the left, which represents the volume, indicates a lack of demand at higher levels.
Outlook for this week
Looking ahead, the Momentum indicators give us the following signals: the RSI is 90 (extremely overbought which increases the possibility of a minor correction or a pullback); PPO histogram bars may change direction in the coming days. PPO lines and the Breadth indicators, at the bottom of the chart, may continue rising. This constellation is the basis for my opinion: currently, the bulls are attempting to resume the up move. If they can propel the price above 1090 points, the next target to watch out for is 10% higher. If the bulls fail to push the price the sideways trend is more likely, the market could test the support at 970 points.
Performance of different groups of Digital Assets (Coins and Tokens) – Digital Assets decoupling
The total (NWST1100) index soared 14.62%. On the table above we can see, that Bitcoin and Ether represented by the NWSBE have led the way up.
Crypto (Digital Assets) compared with global equity
The chart below compares the performance of the average represented by our NWST1100 Digital Asset index with the average global share represented by Dow Jones global W1Dow index. This year after investors digested the havoc caused by the coronavirus pandemic the NWST1100 outperformed W1Dow by 78%. Over the last 12 months, NWST1100 was 6.5% higher. The box in the middle of the chart shows the original NWST1100 price, at the bottom of the chart is W1Dow. The blue curve is the average index price over the last twelve months. We can see that the NWST1100 price and W1Dow price are above average, but the NWST1000 spot price average is 37% higher than twelve months index average price.
Indexes Revision 7-31-2020
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 NWS30, NWSL100, and NWSM200. As we can see on the tables Swipe, ZB Token, Digitex Futures, … have improved their rankings they were added to NWSL100, they were deleted from NWSM200. Divi, MimbleWimble Coin, v.systems, … were deleted from NWSL100, they are new members of NWSM200. New mid-caps are Energy Web Token, VeThor Token, Loki … Other additions and deletions this week for the other indexes from the family are available in each index presentation.
In order to make appropriate peer comparison, we gauged the Swipe (SXP) Token with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). The chart below shows the SXP compared to NWSL100 at the top, the box in the middle of the chart shows the original SXP price, and at the bottom of the chart we see NWSL100 and the correlation between SXP and NWSL100. On average (violet area chart), the relationship between SXP and NWSL100 has shown that it was stronger during July. SXP has beaten NWSL100 by 116 % over the last three months. However, if we compare the SXP green area graph with the orange index area graph while observing the correlation graph, the correlation graph gives us an explanation that the correlation is strong (Pearson’s correlation coefficient = 0.75). For 87% of the time, it was moving in the same direction as the NWSL100. It has been therefore a good representative of the NWSL100 index in terms of price changes.
*We elect the member of the NWSL100 crypto index with the biggest jump in our ranking. We will look at how the market, rates the progress of the project in case of price changes. It seems important to us whether the project is out of the ordinary tide of crypto project prices. Considering an investor’s point of view, peer comparison should be efficient and effective.
Swipe (SXP) Website: https://www.swipe.io/
SXP Large-cap Ethereum based Token is 60th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Ordinary: 17.7 (Average for Largecaps: 15.6)
Over the last week, the average market cap was 111.4 million $, the average daily volume was 72.5 million $.
The Swipe Wallet has been designed to require Swipe Tokens SXP to perform all functions of the Wallet. Users on the Swipe Wallet will be able to buy, sell, and pay with their cryptocurrencies to fiat directly within the wallet application as well as purchase Gift Cards and make instant exchanges between all supported assets. Users will be able to use their SXP tokens at launch with tiered benefits based on the SXP balance in the Wallet Contract. All Swipe Wallets require a 1 SXP deposit to activate and utilize on-chain functions based on an audited Smart Wallet-Contract to perform its duties. The protocol has been designed and built on Ethereum.