Fundstrat’s Newly Launched Weekly Report Ranks Major Cryptocurrencies Based on Technical Analysis Indicators

Independent financial research boutique Fundstrat Global Advisors has launched a new weekly report called "Benchmark Crypto Performance", which details the performance contribution of sector/size indices, including relative performance and correlations. The report, which comes out on Mondays, includes a very interesting section called "State of Tokens" that ranks 50 of the most popular cryptocurrencies using technical analysis indicators, such as weekly Relative Strength Index (RSI). 

The new report is compiled by Ken Xuan, one of Fundstrat's quantitative analysts, who announced the news on Tuesday via Twitter:

The purpose of this report is to provide a weekly performance analysis of benchmark cryptocurrency indices, but for the purpose of this article, the most interesting section is called "State of Tokens". Here, you find a weekly ranking of 50 of the most popular cryptocurrencies, including Ripple (XRP), EOS (EOS), Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), TRON (TRX), Litecoin (LTC), and Zcash (ZEC).

The overall ranking (the "Composite Technical Score") is based on the following technical analysis indicators:

  • 90 Day Win-Loss Ratio
  • 90 Day UpVolume (UV) - Down Volume (DV)
  • Relative Price to 21 Day Moving Average (DMA)
  • Relative Price to 50 Day Moving Average (DMA)
  • Weekly Relative Strength Index (RSI)
  • 5 Day Return
  • 10 Day Return
  • 30 Day Return
  • 21 vs. 50 Day Moving Day Average (DMA)

For the week ended on 11 June 2018, here are the rankings for the ten largest (according to CryptoCompare) cryptocurrencies:

  • Bitcoin (BTC): 10th place
  • Ethereum (ETH): 13th place
  • Ripple (XRP): 4th Place
  • Bitcoin Cash (BCH): 11th place
  • EOS (EOS): 7th place
  • Litecoin (LTC): 14th place
  • Cardano (ADA): 25th place
  • Stellar (XLM): 16th place
  • IOTA (MIOTA): 17th place
  • TRON (TRX): 42nd place

The top ranked token was Binance Coin (BNB) and the lowest ranked token was Stratis (STRAT).

Here is a chart courtsey of data provider CryptoCompare showing the three month performance of BNB (with respect to BTC):

hour_CryptoCompare_Index_BNB_BTC_337_11528832020678.jpg

Interestingly enough, on the same day that this report was released, the CEO of crypto exchange Binance, Changpeng Zhao ("CZ"), sent out the following two tweets to boast about the performance of the BNB token during the current bear market:

The whole report is highly informative and the information is beautifully presented; so highly recommended reading! Every monday, Fundstart's Ken Xuan will post a tweet (from his Twitter account) with the download link for the report.

 

Featured Image Credit: Photo by "Andre Francois" via Unsplash

After Monster Rally, Dogecoin (DOGE) Pushing Multi-Year Resistance

Colin Muller

Dogecoin (DOGE), beloved of crypto traders old and new, has repeated its classic move and shot up as much as 140% in the past two days. With this move, it is pushing on a multi-year resistance zone. If that were to break, we would see something truly interesting.

We can see this on the weekly DOGE/Bitcoin chart, from the (once-mighty) Poloniex exchange. This trending zone has been respected since June 2017, which many consider the first great “alt season”.

Watch this closelyDOGE chart by TradingView

The two key levels here are ₿0.00000038 (38 sats) and 79 sats, which make up the block of the resistance area on the weekly chart. This poses a very clear criterion for us to be aware of: the weekly has not closed within this zone in three-plus years; and come Monday, if it is above 38-ish sats, DOGE will be looking interesting still.

Moving to the daily DOGE/USDT chart, we see a similar, if less slanted situation. If the rocket 140% move is to make any inroads into a  new price structure, it will have to hold on a retest at about $0.0033.

A new market structure?DOGE chart by TradingView

That doesn’t look like it should be too difficult, and we could instead see a hold somewhere much more impressive like $0.0045 and above.

At any rate, we need to watch that DOGE/Bitcoin weekly chart. Breaking resistance seems too hard to believe; but we could well see DOGE/USDT continue up – and this would imply a leg up for Bitcoin. Thus, DOGE/Bitcoin may tell us just as much about the broader crypto market as it does about Dogecoin itself.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Featured Image Credit: Photo via Pixabay.com