Last week, NWST1100 plunged 9.76%; the index has continued falling. Axie Infinity (AXS) Token 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. First, 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 NWST1100 chart shows the index has fallen. The Momentum indicators at the top show: RSI, PPO histogram, PPO lines, and the Breadth indicators at the bottom of the chart have changed direction to downward.
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 for investors to wait for an upturn from oversold levels, but swing traders could accumulate on dips.
* 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 37 (bearish); PPO histogram bars, PPO lines, RSI, and the Breadth indicators, at the bottom of the chart, may continue direction in the coming days. My opinion is based on this constellation: markets could again resume their downtrend and test Jun’s low or stronger support S1 (-12%). After the test, a massive rebound (+20%) is also possible.
Performance of various groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index plunged 9.76% during the last week. Coins represented by NWSCo100 were the worst performers. The chart shows that all groups of coins and tokens, represented by 2100NEWS indexes, have experienced declines since the middle of Jun. Bitcoin lost the least in the last month.
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 nine weeks ago; however, it plunged by 56%, which means that shares were a better investment during the last five months. The Percentage Change Marks on the chart show that this year NWST1100 outperformed W1Dow by 65.6%, while over the last 12 months, NWST1100 was 262% 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 16.5% 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 16.5% 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 7-16-2021
The Bi-weekly revision update both the amount of each asset publicly available and any additions and deletions from the indexes. HEX, Axie Infinity, and KuCoin Token improved their ranking; they were added to NWSL100, so they were deleted from NWSM200. Ocean Protocol, Telcoin, Mina, … were deleted from NWSL100, and they are new members of NWSM200. New mid-caps are botXcoin, Chia Network, Ethernity Chain… Other additions and deletions this week for the other indexes from the family are available in each index presentation.
We gauged the Axie Infinity (AXS) Token with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100) to make an appropriate peer comparison. On average (violet area chart), the relationship between AXS and NWSL100 has shown that it was more potent over the last three months. AXS has outperformed NWSL100 by 634% during the previous three months. First, however, let’s compare the AXS green area graph with the orange index area graph while observing the correlation graph. The correlation graph explains that the correlation is weak and negative (Pearson’s correlation coefficient = -0.18). For 65% time, It was moving in the same direction as the NWSL100, so it has been a poor 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.
Axie Infinity (AXS) Website: https://axieinfinity.com/
AXS Large-Cap Ethereum based Token is 69th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor, 10.9 (Average for Tokens: 14.6)
Over the last week, the average market cap was 1,185.8 million $, and the average daily volume was 1,128.3 million $.
Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players. Inspired by popular games like Pokémon and Tamagotchi, Axie Infinity allows players to collect, breed, raise battle, and trade token-based creatures known as Axies. These Axies can take various forms, and there are more than 500 different body parts available, including aquatic, beast, bird, bug, plant, and reptile parts. Parts from each type class come in four different rarity scales: common, rare, ultra-rare, and legendary — and Axies can have any combination of body parts, making them highly variable and often rare and unique. Each Axie is a non-fungible token (NFT) with different attributes and strengths and can be entered into 3v3 battles. The winning team earning more experience (exp) points is used to level up an Axie’s stats or evolve their body parts. These Axies can be bred together to produce new and unique offspring, which can be used or sold on the Axie marketplace.
*The chart below shows the AXS compared to NWSL100 at the top, the box in the middle of the chart shows the original AXS price, and at the bottom of the chart, we see NWSL100 and the correlation between AXS and NWSL100.