Why is Streamr (DATA) Price Pumping?

Streamr (DATA), an open-source project and decentralized platform for real-time data infrastructure, has experienced a remarkable 23% price increase in the last 24 hours. The token is currently trading at $0.08814, with a 24-hour low and high of $0.07009 and $0.1059, respectively. This impressive performance has propelled DATA’s market capitalization to $88,568,264, ranking it 480th among all cryptocurrencies.

Streamr Network 1.0 Mainnet Launch: A Milestone for Decentralized Data Broadcasting

The primary catalyst behind Streamr’s recent price surge is the highly anticipated launch of the Streamr Network 1.0 Mainnet. After more than six years of development, this milestone marks the arrival of truly decentralized, serverless data broadcasting.

The Streamr Network boasts a range of features, including:

  • Peer-to-peer (P2P) architecture
  • High-payload data capacity
  • Hyper-scalability
  • Robust security

These characteristics position Streamr as a leading platform for the new data economy, enabling developers and businesses to build innovative applications that leverage real-time data streams.

The technology stack of Streamr includes a scalable real-time messaging network (pub/sub), hosted on computers worldwide, a marketplace for data trading and selling, and a set of tools for interacting with real-time data. By relying on cryptography instead of trust, Streamr ensures a secure and transparent environment for data exchange.

The platform’s decentralized nature allows for the creation of a more equitable data economy, empowering individuals and organizations to maintain control over their data and monetize it on their own terms.

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Technical Analysis: Breakout and Bullish Indicators

According to our analysis, DATA has broken out of a descending channel at the $0.07 level, signaling a potential trend reversal and further upside potential.

The 200-day moving average (MA) for DATA currently stands at $0.04180. When a token trades above its 200-day MA, it is generally considered a bullish sign, indicating that the long-term trend is positive. With DATA trading well above this level, the token appears to have significant room for growth.

The daily chart Relative Strength Index (RSI) for DATA is currently at 52. An RSI between 30 and 70 suggests that the token is neither overbought nor oversold, indicating a neutral market sentiment. This positions DATA favorably for potential price appreciation as market awareness and adoption of the Streamr Network 1.0 Mainnet grow.

The launch of Streamr’s Network 1.0 Mainnet has led to a recent price surge, highlighting the growing demand for decentralized data infrastructure solutions. As more developers and businesses recognize the potential of Streamr’s platform, the token’s value may continue to rise.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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