In the past week, NWST1100 index rose to its 25-days EMA but it did not clear some upside resistance barriers. Total NWST1100 index increased by 0.08%. ReddCoin (RDD) 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 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 a more likely course for the past week would be a move to the upper trendline. On the NWST1100 chart, we can see, that index rose to its 25-days EMA but it did not clear some upside resistance barriers. At the same time, its 14-day RSI lines (upper box) have risen to 50 again; and its daily PPO lines have turned more positive. McClellan summation index (blue arrow in the lower box) has confirmed a buy signal.
Looking ahead to the next week: Bitcoin dominance is in danger of dropping out of a multi-month formation. While most crypto investors expect “more pain” to come for altcoins, oftentimes when sentiment is these poor and lows have been swept, the time to buy is finally here. We need to be aware that the weight of Bitcoin represents about 70% of the index value. Since the shy start of the ALT season has been showing for two weeks, it means that Bitcoin is being sold to buy ALT coins. The ALT season can be a brake on NWST1100 growth, but we expect the positive atmosphere in the remaining index members to move the index higher. The indicators give us the following signals: we can see that RSI is 50, the brown PPO histogram bars could turn more positive in the next few days. As a consequence, the PPO lines are close to crossing above 0. That would be a sign of stronger upside momentum. Breadth indicator McClellan summation index could turn more positive. This set up is the basis, that for the next week is a more likely course a move to break upper trendline. This leaves open the possibility of a retest of R1 (960 points).
Performance of different groups of Digital Assets (Coins and Tokens)
At the table, you can see that Total (NWST1100) index increased by 0.08% 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 70% but over the past 14 weeks, we were observing a consolidation. Last 10 weeks NWST1100 reported 30.8% loss vs. W1Dow.
Indexes Revision 9-13-2019
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 Metaverse ETP, Kyber Network, ReddCoin … have improved their rankings they were added to NWSL100 and deleted from NWSM200. Egretia, Populous, QuarkChain … were deleted from NWSL100. They are new members of NWSM200. New mid-caps are greenPower, Litecoin Cash, BHEX Token … 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. Considering an investor’s point of view, peer comparison should be efficient and effective. To make appropriate peers comparison we gauged the ReddCoin (RDD) token with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). Looking at the chart below, at the top we can see the original RDD price, in the middle of the chart is RDD vs. NWSL100, at the bottom of the chart are NWSL100 and correlation between RDD and NWSL100. However, the correlation graph gives us an explanation that for 50% of the time, it was moving in the opposite direction as the NWSL100. In the last four months, he has not been a typical representative of the NWSL100 index in terms of price changes. Since the beginning of August RDD has grown and beaten the NWSL100, it has surged by more than 40%.
ReddCoin (RDD) Website: https://www.reddcoin.com/
RDD as Large-cap Coin is 75 in 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWCo100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor, Score: 5.9, (Average for Large caps: 9.8)
Over the past week, the average market cap was 38.9 million $, average daily volume was 0.25 million $.
Launched in 2014 as a fork of Litecoin, Reddcoin is a decentralized cryptocurrency used to tip or send payments for social content. The Reddcoin API supports social platforms such as Reddit, Twitter, and Twitch. Accounts created on the Reddcoin wallet can be linked to Twitter, Twitch, and Reddit accounts. Upon downloading the ReddID browser extension, users can “like” content by entering the username and sending a micropayment. RDD is mined by the ReddID wallet through Proof-of-Stake-Velocity (PoSV), which incentivizes both ownership (stake) and activity (velocity).