TheCryptoBoard
Image default
News

Polkadot Eyes 3x Explosion As Consolidation Intensifies

Having crafted a name for itself as an open-source sharded multichain protocol that enables cross-chain transfers, Polkadot (DOT) has emerged as a notable figure in the crypto space.

As a result, Polkadot might be witnessing the calm before the storm since its current consolidation might trigger a threefold increase to the $15 level from its present price of $5.30.

Source: FLASH

A market analyst who goes by the pseudonym World of Charts added, “DOT has been consolidating within a range for a while and recently bounced from the bottom of the range. Expect a move towards the upside range resistance of $11 in the coming days.”

Source: World of Charts

Based on this analysis, the Polkadot network is painting a bullish picture, with the sky seemingly being the limit.

Polkadot’s Interoperability Objective

Blockchains usually face the interoperability challenge because it becomes difficult to transact, share data, and communicate, limiting cross-chain transfers.

As a result, Polkadot takes the bull by the horns through a novel architecture that comprises a central Relay Chain with non-native blockchains called Parachains running on top.

Therefore, this innovation makes blockchains interoperable, making Polkadot a significant network in the crypto space.

With the Trump era kicking in, pro-crypto policies are gearing up to see the light of the day.

As a result, leading investment management firm 21shares recently filed a request with the United States Securities and Exchange Commission (SEC) to be permitted to roll out a spot Polkadot exchange-traded fund (ETF).

Polkadot will have a reason to smile if this becomes a reality, as ETFs usually trigger heightened institutional interest and confidence.

Related posts

Solana ETF Hopes Dwindle As CME Group Denies Any Plans To Offer SOL Futures

Ondrej Simon

Cardano’s Technical Director Denies Rumor Of 1 Million TPS, Here’s The Truth | Coingape

Ondrej Simon

Crypto Community Slams Trump’s Meme Coin Foray as MELANIA Meme Hits $1.7 Billion Market Cap

Ondrej Simon