Streamr coin (DATA) shocked market watchers yesterday when it surged nearly 116% this Friday. Not much was known about this little known cryptocurrency until it emerged yesterday that the ATARCA Consortium which owned the project was awarded a $3.33 million contract to research into a new money alternative.
This “new kind of money” would address economic inefficiencies that arise from a limitation in supply inherent in coins like Bitcoin, and aim to promote a gain in value through sharing instead. In other words, the sharing and usage of the new digital currency to be developed would make it more valuable, rather than a limitation in supply.
DATA is the crypto of the ATARCA Consortium’s STREAMR blockchain project. Its pairing with the USD is the subject of the analysis below.
Technical Levels to Watch
Today’s 116% surge has largely started to retrace, with the price now approaching the 38.2% Fibonacci retracement mark at 0.13344485.
If fresh bids are not seen at this level, this could lead to an extension of the decline, targeting 0.11410934 (50% Fibonacci retracement). The 0.1041728 support (1 May 2020 high) also forms another barrier to the south.
On the other hand, a retest of 0.15736845 could occur if DATA/USD sees fresh demand at the 38.2% or 50% Fibonacci retracement levels. Above that level, a retest of all-time highs could occur if bullish momentum is sufficient.
DATA/USD Daily Chart