In the past week, NWST1100 index experienced a steep selloff and was bearing down on its Bollinger and last month’s low, support has held. Total NWST1100 index dropped by 8.04%. Algorand (ALGO) 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 a continuing downward trend, said the price could retest the critical support of 850 points. The chart shows a steep selloff, the NWST1100 bearing down on its Bollinger and last month’s low which was an important test. The index survived last week’s selling and remaining above chart support at prior lows.
Looking ahead to the next week, chart patterns show us Symettrical triangle (the lines converge as they are extended and the symmetrical triangle takes shape). A very clear Symettrical triangle has Bitcoin as the most dominant member of NWST1100 (weight 70%). Continuation or reversal, the direction of the next major move can only be determined after a valid breakout in the next two weeks. The indicators give us the following signals: we can see that RSI is 40, the PPO wave could change the slope. PPO histogram as a momentum indicator could change a slope and start the positive wave in the next few days, the index could get upside momentum. Breadth indicator McClellan summation index and ADVP a breadth statistic based on Net Advancing Volume are still decreasing. This set up means that our assumption is that move to the upper trendline is likely.
Performance of different groups of Digital Assets (Coins and Tokens)
At the table, you can see that Total (NWST1100) index dropped by 8.04% 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 85% but over the past ten weeks, we were observing a consolidation.
Indexes Revision 8-16-2019
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 NWS30, NWSL100, and NWSM200. As we can see on the tables Algorand, Karatgold Coin, Bitbook Gambling … have improved their rankings they were added to NWSL100 and deleted from NWSM200. Business Credit Alliance Chain, CyberMiles, Zcoin … were deleted from NWSL100. They are new members of NWSM200. New mid-caps are MxToken, WINk, Atlas Protocol … 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. 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. To make appropriate peers comparison we gauged the Algorand (ALGO) token with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). Looking at the chart below, at the top we can see the original ALGO price, in the middle of the chart is ALGO vs. NWSL100, at the bottom of the chart are NWSL100 and correlation between ALGO and NWSL100. However, the correlation graph gives us an explanation that exists periods when the ALGO was moving in the same direction as the NWSL100 (positive correlation) and the periods when it was moving in the opposite direction as the NWSL100. Since the beginning of August ALGO has reported gains vs. NWSL100.
ALGO as Large-cap Ethereum based Token is 48 in 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCo100
ALGO has Good 2100NEWS DA (Coin) Orderbook Quality Mark: 11.4 Average for Large caps: 9.2
Over the past week, the average market cap was 125.5 million $, average daily volume was 67.8 million $.
The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open source software, which was initially designed by Silvio Micali and a team of leading scientists. With core beliefs in the establishment of an open, public and permissionless blockchain, the Algorand Foundation has a vision for an inclusive ecosystem that provides an opportunity for everyone to harness the potential of an equitable and truly borderless economy. The Algorand Foundation is providing the trusted infrastructure needed to support the growth of a borderless economy with an approach that is decentralized by design. With research led by Dr. Tal Rabin, a 2018 Forbes World Top 50 Women in Tech, the Algorand Foundation is incorporated in the Republic of Singapore.