DOT, Polkadot’s native cryptocurrency is up by 6% as asset manager 21Shares filed for a spot Polkadot ETF, the first such filing for this altcoin. As a result, the DOT price has made quick gains shooting to $6.5 as analysts believe that a potential breakout could lead to a new high ahead. Also, the daily trading volume for DOT has surged by 75% to more than $338 million.
DOT Price Shows Bullish Potential Amid Fibonacci Levels
In recent months, the DOT price chart has shown the formation of bullish technical patterns. From August to November 2023, Polkadot formed a descending triangle pattern, which led to a breakout and a strong rally, peaking near $11.00 in December, reported macro analyst FLASH.
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.
Recent price activity indicates a bounce from the lower trend line and the 0.786 Fibonacci level, hinting at a potential bullish reversal. However, confirmation of this trend is awaited. To sustain a bullish trajectory, the DOT price must breach a critical resistance level at $7.545, marked as a horizontal green line on the chart. A breakout above this level could pave the way for a rally toward a projected target of $14,605, as suggested by a bullish green arrow.
Polkadot Positioned for Massive 650% Price Surge?
Polkadot (DOT) may be gearing up for a significant rally, according to market analyst Javon Marks. In a recent statement, Marks highlighted DOT’s multiple breakouts as a sign of strong bullish momentum. If this projection materializes, it would represent a staggering DOT price climb of over 650% from current levels.
“$DOT (Polkadot), by its multiple breakouts, looks to still be well positioned for another monumental surge in price, which could lead all the way to the $53.385 target, if not even higher,” Marks stated.
As of press time, the Polkadot price is trading 5.7% up at $6.43 with a market cap of $9.92 billion. The daily trading volume is up by 75% while the open interest has surged over %% to more than $501 million, as per the Coinglass data. Also, the 24-hour liquidations have soared to $617.94K with more than $400.50K in short liquidations.
21Shares Files for Spot Polkadot ETF
21Shares has submitted a filing to the U.S. Securities and Exchange Commission (SEC) for the launch of a spot Polkadot ETF, amid a flurry of crypto ETF filings this month. The proposed ETF would trade on the Cboe BZX Exchange and directly track the performance of Polkadot’s native cryptocurrency, DOT. Coinbase has been named as the fund’s custodian, ensuring the secure storage of underlying assets.
This month, we have seen multiple filings for Solana ETFs, XRP ETFs, Dogecoin ETFs, Litecoin ETFs, etc. Top asset managers like Grayscale and Coinshares have been rushing for this as market sentiment turns optimistic in Donald Trump’s administration.
The post DOT Price Eyes Major Breakout To $14 Amid Spot Polkadot ETF Filing appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed