Following the recent filing by 21Shares for a spot ETF, Polkadot's cryptocurrency (DOT) experienced a 6% surge to $6.50. This development considerably heightened daily trading volumes to $338 million, marking a 75% increase.
New Technical Trends
Recent trends in DOT’s technical chart reveal promising formations. Observers note price rebounds stemming from a descending triangle pattern formed during the months of August through November 2023. Key Fibonacci levels suggest that potential price reversals could occur at the 0.618 level of $6.772 and the 0.786 level of $5.434.
Breaking Resistance Levels
Market expectations are high, with analysts indicating that surpassing the crucial resistance point of $7.545 might trigger new upward momentum. Technical analyses predict that such a breakout could elevate DOT’s price to approximately $14, with some experts forecasting a possible increase of around 650% from current levels.
Market Expectations and Impact
21Shares has submitted a spot ETF application to the SEC, intended for trading on the Cboe BZX Exchange with Coinbase as the custodian. Current data shows DOT at a market cap of $9.92 billion. Increased trading volumes and liquidation figures suggest a growing interest in DOT. The positive price movements, bolstered by technical indicators and the ETF filing, appear to have enhanced market sentiment. If DOT successfully tests critical resistance levels and stabilizes in an upward trend, it could draw further investor interest, potentially altering the cryptocurrency’s trajectory.
These positive shifts fuel interest in Polkadot in light of the submitted ETF application by 21Shares. Analysts continue to monitor technical indicators for potential breakthroughs.
