Polkadot (DOT) is experiencing solid bullish momentum which allowed it to stay in the green for the past 24 hours and hold significant gains over the past seven days.
According to follow-up Coingeckoas of this writing, DOT is changing hands at $4.69, posting a 10% weekly increase.
Also, the 13the The largest cryptocurrency in terms of market capitalization has managed to pare its 30-day losses to just 11.4%, though it’s still miles away from its all-time high of $54.98%.
However, headlines should be wary as some of their technical indicators show that Polkadot’s rise could be short-lived.
DOT could soon experience strong selling pressure as indicated by its Relative Strength Index (RSI), which is currently hovering around the 50% region.
DOT is no longer a value
Although there is a lot of uncertainty in the future of the DOT when it comes to trading price, it appears that the crypto asset has placed itself in a very good position to avoid being choked by strict regulations that threaten the broader crypto space.
Following the collapse of the FTX exchange that caused investors to lose a lot of money and the continued proliferation of crypto scams, analysts expect that international governments will soon put the hammer on regulate better ownership, sale, purchase, trading and use of cryptocurrencies.
Polkadot, however, could be safe from this imminent threat as it according to the Web3 Foundationthe altcoin is no longer considered a security, but rather a piece of software.
Additionally, the team behind the project has been proactively working with the US Securities and Exchange Commission (SEC) for more sensible regulation. By doing so, the DOT could have saved itself from this market landscape-changing development.
DOT total market cap at $5.3 billion on the daily chart | Chart: TradingView.com
Polka Dot Price Forecast
As there is no clear timeline yet for the enforcement of additional regulations for the crypto space, DOT investors should first focus on what is in store for the digital asset in the coming days.
Chart: Coincodex
According to CoincodexPolkadot price is poised to rise slightly in the next five days as the digital currency is forecast to change hands at $4.73.
The 30-day forecast for the altcoin is also bullish, as it is predicted to make a significant jump from its current trading value to $6.26.
-Featured Image: Coin Guru
This post Polkadot (DOT) 10% Rally Inks
was published first on https://newsbtc.com/news/polkadot-dot-inks-10-rally/
