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.
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.
