Polka dot (DOT) is riding solid bullish momentum that has allowed it to remain in the green for the past 24 hours and has made significant gains for the past seven days.
According to shipment tracking coingeckoas of this writing, DOT is changing hands at $4.69, up 10% weekly.
In addition, the 13th The largest cryptocurrency in relation to the market capitalization has managed to reduce her 30-day losses to just 11.4% while still several miles from her all-time high away from 54.98%.
However, holders need to be cautious as some of the technical indicators are showing that Polkadot’s surge might be short-lived.
DOT could soon face heavy selling pressure like Relative Strength index (RSI) which is currently floating in the 50% range.
DOT is no longer a security
While DOT’s future is very uncertain in terms of trading price, it appears that the crypto asset has put itself in a very good position to avoid being smothered by tough regulations threatening the broader crypto space.
Following the collapse of the FTX exchange platform that has seen investors lose a lot of money and the continued spread of crypto scams, analysts expect international governments to bring down the hammer soon regulate better Owning, selling, buying, trading and using cryptocurrencies.
However, Polkadot might be safe from this looming threat according to Web3 Foundationthe altcoin is no longer viewed as a security, but rather as software.
In addition, the team behind the project has been proactively working with the US Securities and Exchange Commission (SEC) on more sane regulation. DOT may have saved itself from this market landscape-changing development.
DOT total market cap at $5.3 billion on the daily chart | Chart: TradingView.com
Polkadot Price Prediction
With no clear timeline yet for enforcing additional regulations for the crypto space, DOT investors must first focus on what to expect for the digital asset in the coming days.
After coin codexPolkadot price is expected to increase slightly over the next five days as the digital currency is expected to change hands at $4.73.
The 30-day forecast for the altcoin is also bullish, as it is expected to make a significant jump from its current trading level to as high as $6.26.
– Featured image: Coin Guru
Source: Crypto News Deutsch