Last week, NWST1100 rebounded 7.43%; bears were defending the resistances (10-day EMA, 25-day EMA) aggressively, so move upward was temporarily halted. Horizen (ZEN) 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), which measures 1100 (by market capitalization) major crypto assets’ performance. 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 (+12%), index price might test strong resistances (10-day EMA, 25-day EMA, Pivot P). The NWST1100 chart shows that the assumption proved to be correct. In retrospect, the NWST1100 index had tested resistances (10-day EMA, 25-day EMA), bears were defending the resistances aggressively, so move upward was temporarily halted. The Momentum indicators at the top show: RSI, PPO histogram, PPO lines, and the Breadth indicators at the bottom of the chart have continued direction upward.
The chart on the right shows breadth indicators: All A50R lines were oversold. Investors use oversold conditions as buying opportunities, but these oversold readings could last long (like September and October). However, it is prudent to wait for an upturn from oversold levels.
* 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 44 (indicating an equilibrium between buyers and sellers); PPO histogram bars, PPO lines, RSI, may change direction to downward in the coming days, and the Breadth indicators, at the bottom of the chart, may flatten out. My opinion is based on this constellation: a move downward is more likely (-12%), breadth indicators suggest that markets could again resume their downtrend to stronger support (red curve 143-day EMA) which may hold.
Performance of various groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index rebounded 7.43% during the last week. The chart shows that Etherrum Tokens represented by NWSET100 led the markets up (42% in 17 days). All groups of coins and tokens, represented by 2100NEWS indexes, experienced 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 a month ago; however, it plunged by 38%. The Percentage Change Marks on the chart show that this year NWST1100 outperformed W1Dow by 122.4%, while over the last 12 months, NWST1100 was 398% 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 84.88% 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 84.88% 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 6-4-2021
The Bi-weekly revision update both the amount of each asset publicly available and any additions and deletions from the indexes. Fei Protocol improved its ranking; it was added to NWSL100, so it was deleted from NWSM200. ASD(BTMX) was deleted from NWSL100, and it is a new member of NWSM200. New mid-caps are FEGToken, MaidSafeCoin, Counos X… Other additions and deletions this week for the other indexes from the family are available in each index presentation.
We gauged the Horizen (ZEN) Coin with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100) to make an appropriate peer comparison. On average (violet area chart), the relationship between ZEN and NWSL100 has shown that it was more potent over the last three months. ZEN has outperformed NWSL100 by 48% during the previous three months. However, let’s compare the ZEN 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 = 0.8). 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.
Horizen (ZEN) Website: https://www.horizen.io/
ZEN Large-Cap Coin is 69th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCO100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Ordinary, 13.6 (Average for Coins: 14.8)
Over the last week, the average market cap was 1.146.1 million $, and the average daily volume was 71.7 million $.
Horizen (ZEN), the native cryptocurrency of Horizen, uses advanced (“zero-knowledge”) cryptography for optional privacy. Horizen’s blockchain technology platform empowers users to transact and communicate securely through Sphere by Horizen, their flagship application. Their sidechain implementation and Software Development Kit (SDK) enables the development of public or private secure and scalable blockchain applications utilizing Horizen’s open source technology and public infrastructure. Horizen is the most secure interoperable blockchain ecosystem that enables businesses and developers to build fully customized blockchains and dapps.
*The chart below shows the ZEN compared to NWSL100 at the top, the box in the middle of the chart shows the original ZEN price, and at the bottom of the chart, we see NWSL100 and the correlation between ZEN and NWSL100.