The NWST1100 index fell 10.05% during the previous week; the resistance represented by Pivot P did not hold, but on Wednesday, the index started a sharp rebound. Gala (GALA) Token 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. 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 level of Fibonacci resistance and Pivot P (-10%); if that level does not hold, the index could go deeper (resistance S1. -20%); however, from S1 immediately a sharp rebound would follow. S1 is the turning point at which the downward trend would begin. The NWST1100 chart shows that the resistance represented by Pivot P did not hold but, on Wednesday, started a sharp rebound. 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: all A50R lines indicate the edge of oversold conditions.
* 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 38, PPO histogram bars, PPO lines, RSI may change direction to upward in the coming days, the Breadth indicators at the bottom of the chart may flatten. The Summation Index is above zero (bullish trend). My opinion is based on this constellation: the index may move to Pivot P (+10%), which means resuming the crypto markets trend up inside range-bound. Another step down to the red curve or resistance S1 is less likely.
Performance of various groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index fell 10.05% during the previous week. We can see on the chart that all groups of coins and tokens, represented by 2100NEWS indexes, topped three weeks ago and have fallen since 7th September.
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 34%, 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 143.6% this year, while over the last 12 months, NWST1100 was 376% 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 38.6% 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 38.6% gains today.
*The box in the middle of the chart shows the original NWST1100 price; at the bottom is W1Dow.
Indexes Revision 9-24-2021
The Bi-weekly revision updates the amount of each asset publicly available and any additions and deletions from the indexes. Gala and Celo improved their rankings; they were added to NWSL100, so they were deleted from NWSM200. Swipe and WazirX were deleted from NWSL100. New mid-caps are dydx, Moonriver, and Shiden Network… Additions and deletions for the other indexes from the family are available in each index presentation.
We gauged the Gala (GALA) Ethereum based Token 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 GALA has shown that GALA was more potent over the last two months. GALA has beaten NWSL100 by 173% during the previous two months. First, let’s compare the GALA green area graph with the index (orange area graph) while observing the correlation graph. The correlation graph explains that the correlation is weak (Pearson’s correlation coefficient = 0.33). However, 65% of the 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. Peer comparison should be efficient and effective, considering an investor’s point of view.
Gala (GALA) Website: https://app,gala,games/
GALA Ethereum based Token is 95th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Ordinary, 14.7 (Average for Tokens: 16.7)
Over the last week, the average market cap was 713.8 million $, and the average daily volume was 444.2 million $.
GALA claims to be designed to power the Gala Games ecosystem to support gaming re-imagined to benefit creators and players alike. Founded by greats from the gaming and blockchain industry, Gala Games is redefining the world of gaming. All OLD-school gamers remember the sound of blowing the dust out of a Nintendo cartridge to get ready to play their favorite game or the pride you took in lining up your Playstation games on a shelf in your bedroom.
*The chart below shows the GALA compared to NWSL100 at the top, the box in the middle of the chart shows the original GALA price, and at the bottom of the chart, we see NWSL100 and the correlation between GALA and NWSL100.