The NWST1100 index fell 8.18% during the previous week; it experienced a correction – moved to the resistance represented by 25-days EMA. Flow (FLOW) Coin is a member of the NWSL100 crypto index, making 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 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 the last week had been: the index price might test the Fibonacci resistance R2 (+12%), frequent pullbacks are likely. The NWST1100 chart shows that the index had topped at halfway to R2, then experienced a correction – moved to the resistance represented by 25-days EMA. The Momentum indicators at the top show: PPO lines, RSI, and PPO histogram; they have fallen, as have fallen the Breadth indicators at the bottom of the chart. The chart on the right shows The percentage of digital assets trading above a 50-days moving average breadth indicator: For all A50R lines, we can see a sharp and fast move from overbought conditions. The graph tells us that the sideways trend has been in place.
* 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 48; RSI, PPO lines, and PPO histogram bars may change direction; the Breadth indicators, at the bottom of the chart, may flatten out in the coming days. The chart below includes two breadth indicators that work together. The area plots the McClellan Summation Index. That’s a long-term measure of market breadth. The histogram is the McClellan Oscillator. That’s a short-term measure of market breadth. The two lines work together. The histogram moves above zero cause the Summation Index to rise. The Oscillator has spent most of the previous 30 days below zero, which caused the Summation Index to weaken, but it is above zero (bullish trend).
My opinion is based on this constellation: markets could continue the consolidation; the index could get stuck in a narrow range with support in Pivot P (-6%). The McClellan Oscillator (histogram) could move above zero, which means resuming the crypto markets trend up. The death cross that indicates 10-days EMA is crossing over 25-days EMA is less likely, which means another step down to the red curve.
Performance of various groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index fell 8.18% during the previous week. The chart shows that Coins, represented by the NWSCo100 index, were the best performers (39.37%); Bitcoin, Ether, and Tokens were lagging.
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 four months ago; however, it plunged by 30%, which means that shares were a better investment for a while, but this changed two months ago. The Percentage Change Marks on the chart show that NWST1100 outperformed W1Dow by 155.4% this year, while over the last 12 months, NWST1100 was 393% 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 54.8% 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 54.8% gains today.
*The box in the middle of the chart shows the original NWST1100 price; at the bottom is W1Dow.
Indexes Revision 9-10-2021
The Bi-weekly revision updates the amount of each asset publicly available and any additions and deletions from the indexes. Raydium, eCash, Arweave, … improved their rankings; they were added to NWSL100, so they were deleted from NWSM200. Siacoin, Gate Token, Reserve Rights, … were deleted from NWSL100. New mid-caps are XYO, IDEX, and Oxygen… Additions and deletions for the other indexes from the family are available in each index presentation.
We gauged the Flow (FLOW) Coin with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100) to make an appropriate peer comparison. On average (violet area chart), the relationship between NWSL100 and FLOW has shown that NWSL100 was more potent over the last three months. FLOW has underperformed NWSL100 by 36% during the previous three months. First, let’s compare the FLOW green area graph with the index (orange area graph) while observing the correlation graph. The correlation graph explains that the correlation is strong (Pearson’s correlation coefficient = 0.77). 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. Peer comparison should be efficient and effective, considering an investor’s point of view.
Flow (FLOW) Website: https://www.onflow.org/
FLOW Large-cap Coin is 68th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCo100
2100NEWS DA Orderbook Quality Evaluation Grade: Ordinary, 17 (Average for Tokens: 16.7)
Over the last week, the average market cap was 1,293.9 million $, and the average daily volume was 117.1 million $.
Flow is a fast, decentralized, and developer-friendly blockchain. Brought to you by the team behind CryptoKitties, Flow is the foundation for the entire ecosystem of consumer applications, starting with games, collectibles, and the apps that interact with them. Flow is based on a novel architecture that achieves the performance required for mainstream applications without compromising decentralization – or sharding the network. This means developers on Flow can build secure and composable applications to enable new possibilities for billions of consumers worldwide.
*The chart below shows the FLOW compared to NWSL100 at the top, the box in the middle of the chart shows the original FLOW price, and at the bottom of the chart, we see NWSL100 and the correlation between FLOW and NWSL100.