In the past week, after a fake breakdown, NWST1100 was undergoing some really massive bullish action, the index was making one of the largest price leaps in its lifespan indicating the early stages of a bullish reversal came to fruition. The NWST1100 soared by 6.86%. Synthetix Network Token (SNX) 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, our assumption was; “NWST1100 would be headed to the Pivot at 764 points, less likely it would be also possible step down to the lower Bollinger line”. On the NWST1100 chart, we can see, the index was bearing down on its Bollinger. After a fake breakdown NWST1100 was undergoing some really massive bullish action hitting local highs of nearly 825 early Saturday morning. Bitcoin price was making one of the largest price leaps in its 10-year lifespan. The Breadth indicator McClellan summation index and ADVP a breadth statistic based on Net Advancing Volume were rising. At the same time, its 14-day RSI lines (upper box) have risen to 60; and its daily PPO lines have turned more positive indicating the early stages of a bullish reversal came to fruition.
Looking ahead to the next week: The indicators give us the following signals: we can see that RSI is bullish – over 60 (blue arrow), PPO is sloping positively, the brown PPO histogram bars are increasing. That would be a sign of stronger upside momentum. The Breadth indicators are rising. This set up is the basis, in my opinion for the next week is likely, a rally could continue to and over resistance at 850 points, a bullish reversal could be confirmed.
Performance of different groups of Digital Assets (Coins and Tokens)
At the table, you can see that the Total (NWST1100) index surged by 6.86% over the past week. Leading digital assets were Ethereum and Bitcoin represented by NWSBE.
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. This year average crypto vs. W1Dow soared almost 50% but over the past 4 months, we were observing a pullback. A month ago NWST1100 plummeted vs. W1Dow again but last week we were observing a rebound.
Indexes Revision 10-25-2019
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 Synthetix Network Token, TerraSDT, Bitforex Token … have improved their rankings they were added to NWSL100 and deleted from NWSM200. Maximine Coin, Oasis City, Lambda … were deleted from NWSL100. They are new members of NWSM200. New mid-caps are V Systems, Dimension Token, EDC Blockchain … 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 Synthetix Network Token (SNX) token with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). Looking at the chart below, at the top we can see the SNX vs. NWSL100, in the middle of the chart is original SNX price, at the bottom of the chart are NWSL100 and correlation between SNX and NWSL100. However, the correlation graph gives us an explanation, for 60% of the time, it was moving in the opposite direction as the NWSL100. Over the last four months, it had a strong negative correlation with NWSL100 (r=-0,72), so it was not a typical representative of the NWSL100 index in terms of price changes. Since the beginning of July SNX has grown and beaten the NWSL100, it has soared by more than 300%.
Synthetix Network Token (SNX) Website: https://synthetix.io
SNX as Large-cap Token is 74 in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWTo100, NWSET100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Excellent: 21, (Average for Large caps: 10.9)
Over the past week, the average market cap was 103.6 million $, average daily volume was 0.3 million $.
Synthetix is a decentralized synthetic asset platform that provides on-chain exposure to real-world currencies, commodities, stocks, and indices. These synthetic assets (Synths) are backed by Synthetix Network Tokens (SNX) locked into a smart contract as collateral. Synths track the prices of various assets, allowing crypto-native and unbanked users to trade P2C (peer-to-contract) on Synthetix. Exchange without liquidity limitations. Previously, this project was launched as Havven (HAV), a decentralized stablecoin protocol. The published white paper still refers to the previous project, Havven.