The NWST1100 index rose 5.01% over the previous week; it got rejected from the resistance level. Toncoin (TONCOIN) 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 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 that our assumption for the last week had been: a continuation of the downtrend was likely, but a quick and sharp rebound (+20%) to significant support levels (143-Days EMA) was possible. The NWST1100 chart shows that a spike in selling sent the index from the channel’s middle, then the index rebound got rejected from the resistance level represented by the 10-Days EMA. The Momentum indicators at the top show: RSI, PPO lines, and PPO histogram, and they changed direction to upward as 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 four A50R lines are oversold. The graph tells us that the broad crypto markets have continued a trend down.
* 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 43; RSI, PPO histogram, and PPO lines may change direction in the coming days. Bulls are weak, so the index may continue declining to double bottom. My opinion is based on this setup: a continuation of the downtrend is likely; the target is double bottom at 5800 points or even pivot s2; then a quick and sharp rebound (+15%) to pivot S1 is possible.
Performance of various groups of Digital Assets (Coins and Tokens)
We can see on the table that the total index (NWST1100) rose 5.01% during the previous week. The chart below shows Bitcoin, Ether, and the 2100NEWS DA Indexes, which measure the performance of Ethereum based tokens (NWSET100), Large caps (NWSL100), Coins (NWSCo100). Ether (-17.08%) has been the worst-performing during the previous thirty days.
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 ten weeks ago; however, it is 32.6% lower now. The Percentage Change Marks on the chart show that NWST1100 outperformed W1Dow by 85% over the last 12 months, while this year, NWST1100 was 7.9% lower. The blue curve is the average index price during the previous twelve months. We can see that the NWST1100 spot price is similar to the index’s average price. That means: If we bought one NWST1100 every day over the last twelve months, our investment has the same average price as if we buy 261 NWST1100 today. It is a good time to invest when investment is cheaper.
*The box in the middle of the chart shows the original NWST1100 price; at the bottom is W1Dow.
Indexes Revision 1-14-2022
The Bi-weekly revision updates the amount of each asset publicly available and any additions and deletions from the indexes. Frax Share, Toncoin, Kava, and GateToken improved their ranking; they were added to NWSL100 and deleted from NWSM200. Horizen, Immutable X, RAyduium … were deleted from NWSL100. New mid-caps are Anyswap, Smooth Love Potion, Alchemix … Additions and deletions for the other indexes from the family are available in each index presentation.
We gauged the Toncoin (TONCOIN) 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 TONCOIN has shown that TONCOIN was more potent over the last two months, and TONCOIN has beaten NWSL100 by 45% during the previous two months. First, let’s compare the TONCOIN 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), but it was moving in the same direction as the NWSL100. So, it has been an ordinary 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 look at 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.
Toncoin (TONCOIN) Website: https://ton.org/
TONCOIN Large-cap Ethereum based Token is 91st in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor, 8.2 (Average for Large caps: 16.7)
Over the last week, the average market cap was 1,993.8 million $, and the average daily volume was 10.4 million $.
TON blockchain-based ecosystem is a fast, secure, and scalable blockchain and network project, capable of handling millions of transactions per second if necessary, and both user-friendly and service provider-friendly. The founding team aims for it to host all reasonable applications currently proposed and conceived. One might think about TON as a huge distributed supercomputer, or rather a huge “superserver,” intended to host and provide various services. The principal cryptocurrency of the TON Blockchain, and in particular of its masterchain and basic workchain, is the TON Coin. It is used to make deposits required to become a validator; transaction fees, gas payments (i.e., smart-contract message processing fees), and persistent storage payments are usually collected in TON coins.
*The chart below shows the TONCOIN compared to NWSL100 at the top, the box in the middle of the chart shows the original TONCOIN price, and at the bottom of the chart, we see NWSL100 and the correlation between TONCOIN and NWSL100.