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.
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.
Based on this analysis, the Polkadot network is painting a bullish picture, with the sky seemingly being the limit.
Polkadots 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.
Read more: https://zycrypto.com/polkadot-eyes-3x-explosion-as-consolidation-intensifies/
Text source: ZyCrypto
