The Polkadot (DOT) protocol is now experiencing a very slight bullish move after growing by 0.33% in the previous day to reach a price of $5.77. But according to its present trajectory, the digital currency has fallen by 1.86% during the last seven days.
Polkadot (DOT) growth potential
The DOT cryptocurrency is now being pushed by the Polkadot price increase towards the significant resistance level at $7 with minor positive movements. DOT has fluctuated at this level during the previous week and month, reaching a monthly high of $6.9781. However, the next significant step is to break through the $7 barrier and turn it into support.
Polkadot is one of the most severely damaged digital currencies so far, having actually traded at an all-time high (ATH) of $55 during the last bull market. DOT has a lot of upside potential for growth in the near future given its more than 88% decline from the ATH, and the present triggers in its ecosystem can successfully support this expansion.
Visible growth triggers
Because of the achievements of its parachains, the Polkadot ecosystem has risen to become one of the most notable protocols in terms of ecosystem development.
One of the most recent developments was the cooperation between Polkadot’s Kilt Protocol and Deloitte Switzerland, which intends to employ the latter’s identification innovation to strengthen its Know Your Customer (KYC) procedures. The collaboration demonstrates the adaptability and widespread acceptance of decentralised applications inside the Polkadot ecosystem.
This acknowledgment is a bullish trigger that will strengthen the good energy inside the Polkadot network and encourage investors to purchase DOT coins. Additionally, due to the frequent governance votes that take place on its network, Polkadot is seeing a number of updates go online.
While Polkadot may not yet be an Ethereum competitor, it is rapidly expanding, which may help drive up the price of its token in the near future.
