Last week, the NWST1100 increased by 0.83%. Crypto markets were approaching a test of their May high and peaked, while the index recorded lower highs. The last two days then saw a selloff. Electroneum (ETN) Coin is a member of the NWSL100 crypto index that made the biggest jump in our ranking in 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 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.
The previous report showed that our assumption for last week had been: that an upward move in the larger sideways trend was more likely, the price could test resistance R1. We can see this on the NWST1100 chart above: The crypto markets were approaching a test of their May high and peaked. During the first five days of the week, bulls controlled the index, but trading took place below the resistance and the index recorded a lower high. The last two days then saw a selloff. Momentum indicators showed a loss of momentum, with the PPO line nearing the zero line, indicating that the underlying trend has not yet turned bearish.
Outlook for this week
Looking ahead to the week, the indicators give the following signals: We can see that RSI is at 47 (falling). The bars of the PPO histogram may continue sloping down in the coming days. Breadth indicators could continue falling. Bears will control crypto markets. The most important question is: “Will the support level represented by the 143-day EMA (working days) hold or will it fail?” Will the index remain above its red line. This constellation is the basis for my opinion: the trend is still sideways, but the continuation of the decline is more likely. The price of theNWST1100 index could fall further to 700 points (-8%).
Performance of different groups of Digital Assets (Coins and Tokens)
Looking at the table, you can see crypto markets continued the trend in the last week. The total (NWST1100) index slightly increased by 0.83%.
Crypto (Digital Assets) compared with global equity
The chart below, compares the performance of the average represented by our NWST1100 Digital Asset index is compared with the average global share represented by Dow Jones global W1Dow index. This year the NWST1100 outperformed W1Dow twice by 60%. In January the pair then suffered a slump caused by the corona pandemic, and the crypto markets had fallen more than the equity markets and had lost their advantage. Since March 18th NWST1100 vs. W1Dow pair had rebounded and peaked three weeks ago. This year, crypto investment represented by NWST1000 beat global equity by 51.1%. 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 is near the average, while W1Dow price is 5.8% below the average.
Indexes Revision 5-22-2020
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 NWSL100, and NWSM200. As we can see on the tables Electroneum, Blockstack, and Zilliqa have improved their rankings they were added to NWSL100 and deleted from NWSM200. Ardor, Mixin, and aelf were deleted from NWSL100. They are new members of NWSM200. New mid-caps are TNC Coin, Fusion, Travala … Other additions and deletions this week for the other indexes from the family are available in each index presentation.
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. In order to make appropriate peer comparison we gauged the Electroneum (ETN) Coin with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). In the chart below, we see the ETN compared to NWSL100 at the top, the box in the middle of the chart shows the original ETN price, and at the bottom of the chart we see NWSL100 and the correlation between ETN and NWSL100. The purple area chart has shown that ETN was stronger during the April rally. ETN has beaten NWSL100 by 175% in the last three months. However, the correlation chart gives us an explanation for the weak correlation (Pearsons correlation coefficient = 0.42). ETN was moving in the same direction as the NWSL100 but grew faster during the rally phase. It has been therefore a poor representative of the NWSL100 index in terms of price changes.
Electroneum (ETN) Website: https://electroneum.com/
ETN Large-cap Coin is 67th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCo100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor: 8.2 (Average for Largecaps: 13.9)
Over the past week, the average market cap was 70.8 million $, the average daily volume was 1.9 million $.
Electroneum (ETN) is a cryptocurrency that launched in 2017 with the intention of gaining mass adoption by targeting mobile audiences and smartphone users. Users are able to ‘cloud mine’ up to $3 USD worth of ETN each month, which can be stored or spent with any retailer that accepts ETN.