Last week, NWST1100 plummeted 33.35%; the index price moved toward the support represented by the 143-day EMA. Celsius (CEL) is a member of the NWSL100 crypto index that made the most significant jump in our ranking over the last two weeks.
*Below, we present a standardized weekly report and next week’s outlook. We gauge the market’s crypto market breadth and direction 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 essential price information, crucial decisive price levels, momentum, trading volumes, and crypto market breadth.
The previous report showed that our assumption for last week had been: a move upward was more likely, index price might rebound to the trend line. Breadth indicators suggested that markets could resume their downtrend to stronger support (red curve 143-day EMA). The NWST1100 chart shows that the assumption proved to be correct. Index price plunged toward the support represented by the red curve (143-day EMA). Momentum indicators at the top show: RSI, PPO histogram, PPO lines, and the Breadth indicators at the bottom of the chart have continued direction downward.
The chart on the right shows breadth indicators: All A50R lines were oversold. Oversold conditions were used as buying opportunities, but these oversold readings could last long (like September and October).
* 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 RSI is 24 (bearish and oversold); PPO histogram bars, PPO lines, RSI, and the Breadth indicators, at the bottom of the chart, may change direction to upward in the coming days. After such a great move down (almost 50%), we expect high volatility – prices can potentially be spread out over a larger range of values. My opinion is based on this constellation: The support represented by the red curve (143-day EMA) may hold so that the markets could consolidate with many ups and downs in a wide range (more than 30%).
Performance of various groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index plummeted 33.35% during the last week. The chart shows that Ether led the markets down (-50% in twelve days). All groups of coins and tokens, represented by 2100NEWS indexes, experienced sharp declines in the last 30 days.
Crypto (Digital Assets) compared with global equity
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. Their quotient hit a record high two weeks ago; however, it plunged by 41%. The Percentage Change Marks on the chart show that this year NWST1100 outperformed W1Dow by 112.6%, while over the last 12 months, NWST1100 was 377% higher. The blue curve is the average index price during the previous twelve months. We can see that the NWST1100 spot price and W1Dow price are above average, but the NWST1100 spot price is 87.92% higher than twelve months index average price. That means: If we bought one NWST1100 every day over the last twelve months, our investment is recording 87.92% 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 5-21-2021
The Bi-weekly revision update both the amount of each asset publicly available and any additions and deletions from the indexes. Celsius, Decred, and SHIBA INU improved their rankings; they were added to NWSL100, so they were deleted from NWSM200. Swipe, Aragon, and Wanchain were deleted from NWSL100, and they are new members of NWSM200. New mid-caps are Telcoin, Arweave, BakeryToken … Other additions and deletions this week for the other indexes from the family are available in each index presentation.
We gauged the Celsius (CEL) Token with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100) to make an appropriate peer comparison. On average (violet area chart), the relationship between CEL and NWSL100 has shown that it was more potent over the last three months. CEL has outperformed NWSL100 by 34% during the previous three months. However, let’s compare the CEL 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 = 0.77). However, 85% 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 most significant 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.
Celsius (CEL) Website: https://celsius.network/
CEL Large-Cap Ethereum Token is 64th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTO100, NWSET100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor, 11.5 (Average for Tokens: 14.9)
Over the last week, the average market cap was 2.021.3 million $, and the average daily volume was 31.0 million $.
Celsius Network is a democratized interest income and lending platform accessible via a mobile app. Built on the belief that financial services should only do what is in the community’s best interests, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 4.95% APR.
*The chart below shows the CEL compared to NWSL100 at the top, the box in the middle of the chart shows the original CEL price, and at the bottom of the chart, we see NWSL100 and the correlation between CEL and NWSL100.