Polkadot (DOT) is riding a solid bullish momentum that has enabled it to stay in the green for the past 24 hours and maintain significant gains in the last seven days.
By tracing from Coingeckoat the time of writing, DOT changed hands at $4.69, accounting for a weekly increase of 10%.
In addition, 13Th The largest cryptocurrency in terms of market cap has managed to reduce its 30-day loss to only 11.4% even though it is still a few miles from its $54.98% price.
Owners, however, should be careful as some technical indicators show that Polkadot’s surge may not last long.
DOT may be under strong selling pressure as indicated by the Relative Strength Index (RSI) which is currently in the 50% region.
DOT No More Security
Although there is a lot of uncertainty in the future of the DOT in terms of trading prices, it is certain that crypto assets have put themselves in an excellent position to avoid being sidetracked by the strict regulations that threaten the broader crypto space.
After the collapse of the FTX exchange platform that made investors lose a lot of money and the continued proliferation of crypto scams, analysts expect that international governments will soon bring the hammer to better manage owning, selling, buying, trading and using cryptocurrencies.
Polkadot, however, can be safe from the looming threat according to the Web3 Foundationaltcoins are no longer considered a security but more like software.
In addition, the team behind the project has been proactively working with the US Securities and Exchange Commission (SEC) for more sensible regulations. In doing so, the DOT may have saved itself from the development of this market landscape.
DOT total market cap at $5.3 billion on the daily chart | Chart: TradingView.com
Polkadot Price Forecast
Since there is no clear timetable for implementing additional regulations for the crypto space, DOT investors should first focus on what awaits digital assets in the coming days.
Chart: Coincodex
according to CoincodexThe price of Polkadot is poised to increase slightly in the next five days as the digital currency is estimated 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