Key takeaways:
- Streamr on a surprising rally
- DATA seems to copy Bitcoin’s price action
- What’s ahead for Streamr?
YEREVAN (CoinChapter.com) – Streamr open-source platform’s native token DATA surged by 54 percent on August 5, briefly peaking at $0.14 before sliding back to $0.11 in the London session Friday. The reason for the sudden surge is not quite clear. However, Bitcoin (BTC) might be the one leading the parade and driving Streamr into a copycat rally.
DATA vs BTC
As the largest cryptocurrency with a market cap of $760 billion, Bitcoin’s momentum sends ripples across the altcoin market. When the alpha crypto is in a bullish phase, many smaller coins hurry to follow.
Streamr was not an exception in 2021 and traced BTC’s price action on multiple occasions, copying the moves with a boosted amplitude. When Bitcoin gained 32 percent in early March, DATA followed with an equally impressive 90 percent advance.
Similarly, when Bitcoin added 16 percent in value in the last week of March, DATA packed 35 percent in the same period. The uniform tendency was also at play in late April. The flagship crypto gained 14 percent, while Streamr added 49. In the most recent bullish break, on July 21, Bitcoin rallied for more than a week and logged a 43 percent gain.
In the same period, DATA added 58 percent in value. The statistics listed above lead to believe that Bitcoin could have been behind Streamr’s unexpected rally of 54 percent, as the largest cryptocurrency also advanced by 12 percent.
Also read: THETA jumps 30% after Theta Network announces Metamask accessibility
What’s ahead for Streamr?
If the dependence on Bitcoin price action continues, the DATA coin could follow BTC in the next session. If so, there are several support/resistance bars in close vicinity from the current value. The first support is right at $0.11. If the Streamr coin manages to retest it later in the day, the price could adopt an uptrend.
If not, the $0.09-0.10 support-resistance bar that has proven significant, could provide further assistance. The DATA token could also adopt a bullish bias, as it is about to form a golden cross, thanks to the recent surge. The golden cross is a bullish predictor that happens when a short-term moving average rises above a long-term moving average.
The 20-day exponential moving average (EMA-20; blue wave) has been instrumental in supporting the price action for the past week. If it manages to cross above the 50-day simple moving average (SMA-50; red wave) and hold a higher position, DATA will enjoy a bullish period.
Also read: Bitcoin hits $40K ahead of crucial US jobs report
Streamr coin DATA, as a small altcoin ranked #322 by market cap, followed in Bitcoin’s footsteps throughout the year, copying the uptrends in a higher amplitude. The dependence could continue, but as of the moment, both a bullish and a bearish outcome seem possible.
