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The Polkadot (DOT) protocol is seeing a very mild bullish turn today following its 0.33% growth over the past 24 hours to peg its price at $5.77. Based on its current outlook, however, the digital currency is down by 1.86% over the trailing seven-day period.
Polkadot (DOT) growth potential
With subtle bullish moves, the Polkadot price jump is now pushing the DOT token toward the crucial resistance level at $7. While DOT has traded close to this level over the past week and month, having traded at a monthly high of $6.9781, the next major milestone is to breach the $7 resistance and to flip it as support.
In the past bull market, Polkadot actually traded at an all-time high (ATH) of $55, making it one of the most battered digital currencies thus far. With a more than 88% slump from the ATH, DOT has a lot of upside potential to grow in the near term, and the current triggers within its ecosystem can effectively help drive this growth.
Visible growth triggers
The Polkadot ecosystem now ranks as one of the most prominent protocols in terms of ecosystem growth because of the milestones of its parachains.
In one of the latest moves, Polkadot's Kilt Protocol tapped a partnership with Deloitte Switzerland, which plans to use the latter's identity innovation to boost its Know Your Customer (KYC) processes. The partnership is indicative of the versatility and global recognition of decentralized applications within the Polkadot ecosystem.
1/ @DeloitteCH - the world’s biggest accounting firm - is the latest major enterprise partner to come to the Polkadot ecosystem, choosing cutting-edge tech provided by the @Kiltprotocol parachain to enhance its identity protocols. pic.twitter.com/nkqr0i1s0I
— Polkadot (@Polkadot) May 4, 2023
This recognition is a bullish trigger that will bolster the positive sentiment within the Polkadot network to fuel a buy-up of DOT tokens. In addition, Polkadot is seeing a number of upgrades going live because of its governance votes constantly taking place on its network.
While Polkadot may be lagging behind as an Ethereum killer, it is seeing a lot of growth that can help push its token price in the near future.
Tomiwabold Olajide
Yuri Molchan
