The NWST1100 index plunged 27.8% over the previous week. Helium (HNT) Large-cap 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, prepared based on Swingtum Theory of intelligent finance. We gauge the crypto market’s breadth and direction by showing charts 2100NEWS Digital Assets Total Index (NWST1100), which measures 1100 (by market capitalization) significant 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 last week’s assumption. “A continuation of the downtrend was likely.” The NWST1100 chart shows the index price experienced a sharp decline. The chart shows momentum indicators: RSI, PPO histogram, PPO lines (at the top of the chart), and the breadth indicators at the bottom of the chart. They continued falling.
The chart on the right shows The percentage of digital assets trading above a 50-day moving average breadth indicator: All four A50R lines are extremely oversold readings (beloved 5). In various measures of market breadth on the chart can be seen more clearly that crypto markets were in a downtrend.
* 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
The waves are at least partially predictable due to their quasi-periodic nature. If we look ahead, the Momentum indicators give us the following signals: RSI is 21 (oversold); RSI, PPO histogram, PPO lines, and the Breadth indicators at the bottom of the chart may change direction in the coming days. Based on this setup, I think: a rebound to pivot S1 is likely (+20%).
Performance of various groups of Digital Assets (Coins and Tokens)
We can see in the table that the total index (NWST1100) plunged 27.80% during the previous week.
Crypto (Digital Assets) compared with global equity
The chart compares the performance of the average Digital Asset (Coins, Tokens) represented by our NWST1100 index with the average global share represented by the Dow Jones global W1Dow index. Their quotient hit a record high seven months ago; however, it is 69% lower now. The Percentage Change Marks on the chart show that NWST1100 lagged behind W1Dow by 46.2% over the last 12 months, while this year, NWST1100 was 57.5% lower. The blue curve is the average index price during the previous twelve months. We can see that the NWST1100 spot price is 61.7% lower than twelve months index’s average price. That means: If we bought one NWST1100 every day over the last twelve months, our investment is recording a 61.7% loss today. Global equity (W1Dow) spot price is 17.7% lower than twelve months index’s average price.
*The box in the middle of the chart shows the original NWST1100 price; at the bottom is W1Dow.
Indexes Revision 6-17-2022
The Bi-weekly revision updates the amount of each asset publicly available and any additions and deletions from the indexes. New mid-caps are Optimism, yOUcash, and Bella Protocol. Additions and deletions for the other indexes from the family are available in each index presentation.
We gauged the Helium (HNT) Large-cap 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 HNT has shown that HNT was more potent over the last two months, and HNT has beaten NWSL100 by 44% during the previous two months. First, let’s compare the HNT green area graph with the index (orange area graph) while observing the correlation graph. The correlation graph explains the correlation is strong (Pearson’s correlation coefficient = 0.94). 80% of the time, it was moving in the same direction as the NWSL100. So, it has been a good representative of the NWSL100 index regarding price changes.
*We elect the member of the NWSL100 crypto index with the most significant jump in our ranking. We will examine how the market rates the project’s progress 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.
Helium (HNT) Website: https://www.helium.com/
Helium (HNT) Large-cap Coin is 46th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCo100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor, 13.7 (Average for Large caps: 17.1)
Over the last week, the average market cap was 1,105.3 million $, and the average daily volume was 45.6 million $.
Launched in July 2019, Helium is a decentralized wireless network that allows low-power smart devices to send and receive data to the internet. Miners earn HNT for providing network coverage and relaying data to the internet using Hotspot hardware.
*The chart below shows the HNT compared to NWSL100 at the top, the box in the middle of the chart shows the original price, and at the bottom of the chart, we see NWSL100 and the correlation between HNT and NWSL100.