The NWST1100 index has risen 2.04% over the previous week. STEPN (GMT), Large-cap Non-Ethereum-based 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, prepared based on the Theory Swingtum 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 Rally was possible; however, consolidation was likely.” The NWST1100 chart shows the index price crossed its 143-Day EMA (the red curve) and 143-Day EMA flipped from resistance to support. It was a technical signal that a reversal had occurred. The bearish trend is finished. Momentum indicators at the top show: PPO lines and the PPO histogram have changed direction, and the Breadth indicators (at the bottom of the chart) have continued rising.
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 overbought and confirm the strong bullish trend over the last twelve months.
* 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 79 and overbought; RSI, PPO histogram, and PPO lines may continue sloping down, and the Breadth indicators at the bottom of the first chart (NWST1100) may flatten. The P&F chart on the left shows Bullish Price Objective (Tentative) at 4300 points (+62%). Based on this setup, I think consolidation is likely.
Performance of various groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index has risen 2.04% over the last week. In the chart below, we can see Bitcoin, Ether, and the 2100NEWS Indices, which measure the performance of Ethereum-based tokens (NWSET100), Large caps (NWSL100), and Coins (NWSCo100). Coins represented by (NWSCo100) index have been the best-performing during the previous thirty days (+49.70%).
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 15 months ago. The Percentage Change Marks on the chart show that NWST1100 lagged behind W1Dow by 40.8% over the last 12 months, while this year, NWST1100 was 30.3% higher. The blue curve is the average index price during the previous twelve months. We can see that the NWST1100 spot price is 19.5% 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 19.5% loss today. However, if we bought one NWST1100 daily in the previous six months, purchases are a bargain and highly profitable.
*The box in the middle of the chart shows the original NWST1100 price; at the bottom is W1Dow.
Indices Revision 1-27-2023
The Bi-weekly revision updates the amount of each asset publicly available and any additions and deletions from the indexes. Fetch, STEPN, and Rocket Pool improved their ranking; they were added to NWSL100 and deleted from NWSM200; IoTex, MAsk Network, and eCash were deleted from NWSL100. The new mid-caps are Flare, Floki, Wootrade, etc. Additions and deletions for the other indices from the family are available in each index presentation.
We gauged the STEPN (GMT) Large-cap 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 GMT has shown that GMT was more potent over the last two months. GMT has beaten NWSL100 by 21.7% during the previous ten weeks. First, let’s compare the GMT green area graph with the index (orange area graph) while observing the correlation graph. The correlation graph explains the strong correlation (Pearson’s correlation coefficient = 0.93). It was moving in the same direction as the NWSL100; however, 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.
STEPN (GMT) Website: https://www.stepn.com/
GMT Large-cap Non-Ethereum-based Token is 94th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSOT50
2100NEWS DA Orderbook Quality Evaluation Grade: Poor, 14.4 (Average for Large-caps: 18.2)
Over the last week, the average market cap was $336.5 million, and the average daily volume was $310.1 million.
*The chart below shows the GMT 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 GMT and NWSL100.