21Shares seeks Polkadot Trust SEC approval

The crypto market fell slightly on Friday as Bitcoin threatened another $100k fall. While fresh selling pressure blocked breakthrough potential for most major cryptocurrencies, Polkadot pricing displays resilience after Polkadot Trust filed their S-1, boosting market confidence. By press time, the DOT price is $6.387, up 1.06% intraday.

Polkadot price consolidation is driven by a rectangle pattern between $11.6 and $3.6.

DOT coin dropping below the 100- and 200-day exponential moving average signals unfavorable market sentiment.

21Shares Requests Polkadot Trust SEC Approval

21Shares filed an S-1 registration filing with the SEC on Friday, January 31, to establish the Polkadot Trust.

The application proposes listing the trust's common shares on the Cboe BZX Exchange, giving conventional investors more exposure to Polkadot (DOT) via regulated financial markets. If authorized, Polkadot Trust might regain investor trust and boost demand for its native cryptocurrency, DOT.

Polkadot Price Needs Support Before Recovery
Polkadot fell 45.7% from $11.65 to $6.3 in two months. DOT coin's market value fell below $10 billion despite continuing its long-term accumulation since May 2022.

Weekly chart analysis shows the cryptocurrency oscillating between $11.6 and $3.66. Selling pressure might cause another 42% plunge to retest bottom support.

Since every retest to $3.6 support sparked a 200% rebound, investors considered it a critical accumulation zone.

However, risk-averse investors require an upward breach from $11.6 barrier to suggest a trend change.


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