Last week, NWST1100 soared 8.06%, the index price was hovering at the upper Keltner line. Nano Coin (NANO) is a member of the NWSL100 crypto index that made the biggest jump in our ranking over the last two weeks.
*We gauge the crypto market breadth and direction of the market by showing charts 2100NEWS Digital Assets Total Index (NWST1100), representing the top 1100 Digital Assets. The information-laden chart is difficult to read initially, but the chart shows key price information, important decisive price levels, momentum, trading volumes, and crypto market breadth.
The previous report showed that our assumption for last week had been: an upward movement was more likely, (Bitcoins test all-time high), but the pullback could be up to 20%. The NWST1100 chart shows that assumption proved to be correct. The index price had rallied the first three days; the next four days the price was hovering at the upper Keltner line. At the top, we see momentum indicators: PPO lines, RSI, and PPO histogram have fallen over the last week.
Three of four A50R lines moved to overbought territory. The current bull phase has matured. The chart also shows that in the past, such a situation could have lasted for more than a month; however, most price changes occur before such a situation.
* The percentage of digital assets trading above a specific moving average is a breadth indicator that measures internal strength or weakness in the underlying index. The chart on the right side compares the percentage of DA trading above 50 days EMA for:
- 100 Large-caps members of NWSL100 (top box)
- 1100 members of NWST1100
- 100 Ethereum Tokens members of NWSET100
- 100 Coins members of NWSCo100 (bottom box)
Outlook for this week
Looking ahead, the Momentum indicators give us the following signals: the RSI is 63 (overbought and bullish); PPO lines and PPO histogram bars may continue direction (down) in the coming days. The Breadth indicators, at the bottom of the chart, may continue sloping positively. My opinion is based on this constellation: a sideways trend is more likely, traders are buying on dips.
Performance of different groups of Digital Assets (Coins and Tokens)
The total (NWST1100) index soared 8.06%. The table below shows that the coins represented by the NWSBE index have recorded big gains over the last week.
Crypto (Digital Assets) compared with global equity
We have already shown the superiority of crypto investments as a new investment class. We review various timespans; however, the chart shows that crypto investments are superior over various timespans. The chart compares the performance of the average represented by our NWST1100 Digital Asset index with the average global share represented by the Dow Jones global W1Dow index. Two weeks ago a new record high was hit. The Percentage Change Marks on the chart show that this year NWST1100 outperformed W1Dow by 151.8%, while over the last 12 months, NWST1100 was 128.7% higher. The blue curve is the average index price over the last twelve months. We can see that the NWST1100 spot price and W1Dow price are above average, but the NWST1100 spot price is 85.2% higher than twelve months index average price. This means: If we bought one NWST1100 every day over the last twelve months, our investment is recording 85.2% gains today.
*The box in the middle of the chart shows the original NWST1100 price; at the bottom of the chart is W1Dow.
Indexes Revision 12-04-2020
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: Nano, Ardor, and Horizen have improved their rankings; they were added to NWSL100, they were deleted from NWSM200. Energy Web Token, Quant, and Wrapped NXM were deleted from NWSL100, and they are new members of NWSM200. New mid-caps are Bitcoin Cash ABS, Stratis, Oasis Network… Other additions and deletions this week for the other indexes from the family are available in each index presentation.
To make an appropriate peer comparison, we gauged the Nano (NANO) Coin with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). On average (violet area chart), the relationship between NANO and NWSL100 has shown that it was weaker, but NANO rebounded over the last two weeks. NWSL100 has beaten NANO by 23% over the last three months. However, if we compare the NANO green area graph with the orange index area graph while observing the correlation graph, the correlation graph explains that the correlation is strong (Pearson’s correlation coefficient = 0.82). 80% of the time, it was moving in the same direction as the NWSL100, so it has been a good representative of the NWSL100 index in terms of price changes.
*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.
Nano (NANO) Website: https://www.nano.org/en
NANO Large Cap Coin is 72nd in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCo100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor, 13.2 (Average for Largecaps: 17.2)
Over the last week, the average market cap was 152.9 million $, and the average daily volume was 10.2 million $.
Nano is decentralized, sustainable, and secure digital money focused on addressing the inefficiencies present in existing financial systems. Uniquely designed to provide simple peer-to-peer transfer of value, Nano empowers individuals with the most efficient and accessible digital money possible, connecting them to the global economy with minimal impact. Nano provides an intuitive experience that feels like digital currency should – no fuss, no fees, no waiting. This is what an accessible and easy-to-use digital money experience should feel like.
*The chart below shows the NANO compared to NWSL100 at the top, the box in the middle of the chart shows the original NANO price, and at the bottom of the chart, we see NWSL100 and the correlation between NANO and NWSL100.