Polkadot price analysis: DOT stuck in a downtrend, needs to break trendline to form an uptrend

Polkadot price analysis is bearish for today as DOT remains stuck in a downtrend. The cryptocurrency needs to break above the trendline to form an uptrend and see any significant upward movement.

Timeline of Polkadot-new

The Polkadot price has yet to break above crucial resistance levels, and on-chain metrics for DOT aren't suggesting much respite for holders. The post Polkadot Funding Rate Turns Bearish, Will DOT Price Dip Below $6?

Polkadot price analysis for today shows that the cryptocurrency has broken below the $7.00 level, indicating a potential downside movement in prices. Currently, support for DOT prices is found at $6.68, with resistance seen at $7.14.

A top executive of the development team behind Polkadot (DOT) is asserting to the U.S. Securities and Exchange Commission (SEC) that the interoperability blockchain's native token no longer counts as a security.

Web3 Foundation, the company responsible for Polkadot and Kusama, has announced that Polkadot native token DOT is now software and no longer a security. The Foundation claimed that the announcement is premised on its three years of active engagement with the US Securities and Exchange Commission (SEC) which started in November 2019.

The Web3 Foundation in a recent press release, came at SEC regarding the DOT, stating the regulator should not classify it as a security. According to the foundation, DOT is just a mere software.

The Polkadot price analysis is on the bullish side as bulls push DOT/USD past the $7.06 mark. The cryptocurrency is currently facing resistance at $7.23, but if it can break through this level, it could see further gains in the coming days.

Polkadot's native token DOT is no longer a security, according to the Web3 foundation. Polkadot said it has been working with the Securities and Exchange Commission's FinHub on the process.

Web3 Foundation's chief legal officer Daniel Schoenberger argued that Polkadot's native token DOT has “morphed” and is software, not a security. The post Web3 Foundation claims Polkadot's native token DOT is software, not a security appeared first on CryptoSlate.

Web3 Foundation, the entity in charge of research and development of the Polkadot ecosystem, has stated that Polkadot's native token, DOT, is no longer a security.  According to the foundation, the DOT token has morphed and can no longer be classified as a security by the Securities and Exchange Commission.

According to CLO Daniel Schoenberger, the team developed a “workable theory of how token morphing may be achieved” for DOT based on the SEC's concerns and federal securities laws.