2100NEWS WEEKLY CRYPTO REPORT
Written by Branko on August 6, 2019
In the past week, NWST1100 price has been hovering around the uptrend line for the three days, support has held. Then we were observing several days of intense upwards price action. The bulls pushed the price back above the 25-day EMA quickly, total (NWST1100) index increased by 3.20%. WAX (WAX) is the NWSL100 crypto index member which made the biggest jump in our ranking. We gauge the crypto market breadth and direction of the market by showing charts 2100NEWS Digital Assets Total Index (NWST1100) which represent 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, our assumption was that price could retest the critical support of 840 points and turns around from the support levels and rises above 25-day EMA to the green Target around 1000 points. We can see on the (NWST1100) chart, that price has been hovering around the uptrend line for the three days, support has held, the moving averages were also flattening out which suggests that bears were losing their grip. Then we were observing several days of intense upwards price action. The bulls pushed the price back above the 25-day EMA quickly.
Looking ahead to the next week, the indicators give us the following signals: we can see that RSI is 54 and sloping up, the PPO wave is sloping up, too. PPO histogram could continue a positive wave in the next few days. Breadth indicator McClellan summation index and ADVP a breadth statistic based on Net Advancing Volume are increasing. This set up means that at this point our assumption is that the rally could continue to the green target around 1050 points, there is also a likelihood of a pullback. We are still in the area where consolidation can continue.
Performance of different groups of Digital Assets (Coins and Tokens)
At the table, you can see that Total (NWST1100) index increased by 3.20% 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 average global equity represented by Dow Jones global index W1Dow. This year average crypto vs. W1Dow soared over 90% but over the past two months, we were observing a consolidation.
Indexes Revision 8-2-2019
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 Loopring, Function X, and BitMax have improved their rankings they were added to NWSL100 and deleted from NWSM200. NasH Exchange and Ether Zero were deleted from NWSL100. They are new members of NWSM200. New mid-caps are UnlimitedIP, Flexacoin, Cryptoindex.com 100 … Other additions and deletions this week for the other indexes from the family are available here.
We select the member in the NWSL100 crypto index with the biggest jump in our ranking. We can see from the chart that WAX (WAX) price rebounded vs. average coin or token which is a member of NWSL100 index in the past three weeks. By comparing with the index, we can gauge the price-performance with similar digital assets that are members of the index. Considering an investor’s point of view, peer comparison should be efficient and effective.
WAX as Large-cap Ethereum based Token is 79 in 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100, NWSDM100
WAX has a below-average quality of the order book mark 5.3. (The average for large caps members of NWSL100 index is 9.8.)
Over the past week, the average market cap was 56.8 million $, average daily volume was 0.71 million $.
WAX describes itself as a purpose-built blockchain and protocol token designed to make e-commerce transactions faster, easier, and safer for all participants. The WAX Blockchain uses Delegated Proof of Stake (DPoS) as its consensus mechanism and is meant to be fully backward compatible with EOS. The custom features and incentive mechanisms developed by WAX are designed to optimize the blockchain’s usability in e-commerce and encourage voting on guilds and proposals. WAX claims to have created a suite of blockchain-based tools upon which dApps, marketplaces, and native non-fungible tokens (NFTs) are built. These tools would include services to support e-commerce operations such as an interactive block explorer, wallet, SSO and OAUTH, item creation, an RNG service, interactive item viewers, marketplace creation, and more. The resulting technology represents a blockchain architecture that is reportedly fast (500 millisecond block times), fee-less for customers, less expensive for developers, and leverages voting rewards to incentivize participation in the selection of block producers and proposals.
🌏 NEW: Access your favorite WAX-powered sites in your choice of 20+ languages! WAX All Access is now translated into Chinese, Korean, Spanish, French, Polish, Russian & more. Many more updates to this and other $WAX Microservices are coming, take a look ➡️https://t.co/mWq4r0ZizA
— WAX.io (@wax_io) August 2, 2019