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The Polkadot ETF filing by asset manager 21Shares has triggered fresh bullish momentum for DOT, pushing its price up by 6% in 24 hours. This surge, accompanied by a 75% spike in daily trading volume to over $338 million, has reignited optimism for a potential breakout above key resistance levels.
Market analysts now believe this ETF filing could be the catalyst for a prolonged rally, possibly driving DOT price to new yearly highs. Given the broader trend of institutional interest in crypto ETFs, could Polkadot (DOT) be next in line for a massive price surge?
Polkadot’s price action has been displaying a series of bullish patterns over recent months. From August to November 2023, DOT formed a descending triangle, which resulted in a breakout rally to $11 in December. This was followed by a descending wedge, with DOT currently consolidating at around $6.21.
Following this peak, a descending wedge pattern emerged, with the current price consolidating at $6.217. also, the key Fibonacci retracement levels for DOT price to watch are 0.618% at $6.772 and 0.786% at $5.434.
A confirmed breakout above $7.54—a key resistance level could signal an extended rally toward $14.60, as suggested by market analysts tracking Polkadot’s price trajectory.
DOT’s recent price structure indicates a strong bounce off the lower trend line and 0.786 Fibonacci level, hinting at an imminent bullish reversal, stated macro analyst FLASH in a recent update.
Well-known crypto strategist Javon Marks believes that DOT could be gearing up for an explosive run. Citing multiple breakouts and growing institutional interest, Marks projected a 650% rally, which would take DOT toward the $53.38 target.
$DOT (Polkadot), by its multiple breakouts, looks well-positioned for another monumental surge, potentially exceeding the $53.385 mark, Marks stated.
If such a move materializes, DOT would significantly outperform many top altcoins, further cementing its status as a leading blockchain network.
The growing open interest and liquidations indicate that traders are increasingly betting on Polkadot’s price movements following the Polkadot ETF filing news.
Asset management giant 21Shares has officially submitted a spot Polkadot ETF filing with the U.S. Securities and Exchange Commission (SEC). If approved, this ETF would be the first of its kind to directly track Polkadot’s native cryptocurrency, DOT, giving institutional investors an easy way to gain exposure.
This filing follows a broader wave of crypto ETF applications, including recent filings for Solana (SOL), XRP, Dogecoin (DOGE), and Litecoin (LTC) ETFs.
Institutional demand for crypto ETFs is rapidly increasing, and Polkadot is well-positioned to benefit from this shift, commented James Seyffart, ETF analyst at Bloomberg.
The approval of a spot Bitcoin ETF earlier this year set a major precedent, and industry insiders believe that Ethereum, Polkadot, and other altcoins could soon follow suit.
Historically, spot ETF approvals have been bullish catalysts for the underlying crypto assets. If the Polkadot ETF filing gains regulatory approval, it could drive significant institutional inflows into DOT, similar to what was seen with Bitcoin ETFs.
The approval of a spot Polkadot ETF could be a game-changer for DOT’s market structure, leading to sustained price appreciation, noted Eric Balchunas, senior ETF analyst at Bloomberg.
The Polkadot ETF filing by 21Shares has already fueled a notable 6% price surge for DOT, and analysts believe this may just be the beginning. With bullish technical indicators, increasing institutional interest, and a broader trend of crypto ETF approvals, DOT appears well-positioned for a breakout.
With 21Shares leading the charge, could Polkadot become the next altcoin ETF success story? The coming months will be crucial in determining whether DOT can capitalize on this momentum and secure a parabolic uptrend.
For now, all eyes are on the SEC’s decision, a green light could send Polkadot price soaring to unprecedented levels. Get more from The Bit Gazette
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