The NWST1100 index has risen by 0.84% over the previous week. WOO Network, Large-cap 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.
Based on the previous report, it was expected that there would be a move to support S1; however, a rebound to pivot P was possible. Looking on the NWST1100 chart, index initially reached pivot P at 3021 points but has since retraced to support S1. The momentum indicators at the top of the chart show a flattening out of the PPO histogram and PPO lines, and RSI, which suggests the overall internal strength of the market is weak. The Crypto Market Breadth indicators at the bottom of the chart have continued to fall, indicating a broad-based decline in the cryptocurrency market.
The chart on the right side shows that all four A50R lines are currently oversold, which is a bearish signal for the crypto market. This breadth indicator measures the percentage of digital assets trading above a 50-day moving average, which is currently at a low level compared to previous periods. This suggests that the overall internal strength of the cryptocurrency market is weak, and the market may continue to experience downward pressure.
* 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
It appears that the waves have a somewhat predictable nature. Based on the quasi-periodic nature of the waves, their predictability can be partially anticipated. Looking ahead, the Momentum indicators give us the following signals for the near future: RSI is at 40, which indicates a neutral to slightly bearish sentiment. RSI, PPO histogram, and PPO lines, and Breadth indicators at the bottom of the first charts (NWST1100) suggest that the market may continue its current direction in the first half of the week, but may change direction by the end of the week. Based on this setup, it is likely that the market may move towards the 143-DAY EMA. However, there may also be a potential rebound from this level. It is important to keep a close eye on key support and resistance levels, as well as momentum indicators, to identify potential trend reversals and adjust investment strategies accordingly.
Performance of various groups of Digital Assets (Coins and Tokens)
Based on the data in the table, the overall index in NWST1100 has risen by 0.84% over the past week. The chart below highlights the performance of several cryptocurrencies, including Bitcoin, Ether, and the 2100NEWS Indices, which measure the performance of Ethereum-based tokens (NWSET100), Large caps (NWSL100), and Coins (NWSCo100). Looking back over the last thirty days, Bitcoin seems to have performed the best, with a fall of 0.35%.
Crypto (Digital Assets) compared with global equity
To summarize, 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 between these two indices hit a record high 18 months ago. However, over the last 12 months, the NWST1100 index has lagged behind the W1Dow index by 31%. This suggests that traditional stocks have performed better than digital assets during this period. Nevertheless, this year, the NWST1100 index has outperformed the W1Dow index by 49.1%, indicating that crypto investments are becoming more successful again. The blue curve on the chart represents the average index price during the previous twelve months, which has been lower than the long-run mean represented by the brown dashed line at 8.38. The theory of Mean reversion suggests that asset prices and historical returns will eventually revert to this long-run mean, which may provide opportunities for buying digital assets at a lower price. The quotient shows that crypto investments are much more successful after rebounding and growing.
*The box in the middle of the chart shows the original NWST1100 price; at the bottom is W1Dow.
Indices Revision 5-5-2023
Based on the latest Bi-weekly revision, UNUS SED LEO, NEO, and WOO Network have improved their ranking and were added to the NWSL100 index. They were previously included in the NWSM200 index. On the other hand, Balancer FTX Token and Gala were removed from the NWSL100 index. Additionally, several new mid-cap assets have been added to the indices, including SUI, SuperVerse, and IDEX. More information about the additions and deletions for other indices in the family is available in each index’s presentation.
Congratulations to WOO Network (WOO) for being the winner member of the NWSL100 crypto index with the most significant jump in ranking. We gauged WOO Network (WOO) 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 WOO has shown that WOO has outperformed NWSL100 by 43% over the previous ten weeks, indicating its significant progress in the market. First, compare the WOO green area graph with the index (orange area graph) while observing the correlation graph. The correlation graph explains the semi-strong correlation (Pearson’s correlation coefficient = 0.34). 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.
WOO Network (WOO) Website: https://woo.org/
WOO Large-cap Ethereum-based Token is 77th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor, 13.7 (Average for Large-caps: 18)
Over the last week, the average market cap was $467.5 million, and the average daily volume was $34.3 million.
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*The chart below shows the WOO compared to NWSL100 at the top, the box in the middle of the chart shows the original price, and at the bottom, we see NWSL100 and the correlation between WOO and NWSL100.