Polkadot’s crypto asset DOT has seen a significant price increase following 21Shares’ spot Polkadot ETF application. DOT’s price rose by nearly 6% to $6.5. With this move, daily trading volume increased by 75% to over $338 million. This development is considered a significant step that is thought to create strong momentum in the market.
Positive Signals in Technical Indicators
The technical chart of DOT has been showing a positive outlook recently. The falling triangle pattern formed between August and November 2023 attracted attention with the price jump that followed. In addition, Fibonacci levels also point to potential transformations. $6,772 is observed at the 0.618 level and $5,434 is observed at the 0.786 level.
ETF Application and Market Developments
21Shares has filed a spot Polkadot ETF application with the U.S. Securities and Exchange Commission (SEC). The proposed ETF plans to trade on the Cboe BZX Exchange, with Coinbase appointed as the ETF’s collateral provider. Similar ETF applications for Polkadot and other digital assets are also being watched closely in the market.
Market Expectations and Technical Analysis
Analysts say that if the DOT price breaks the critical resistance level of $ 7,545, a new upward momentum may begin. According to technical analysis, this breakout could take the price to $ 14. Some experts predict that DOT could experience a 650% increase after multiple breakouts.
Comments by Javon Marks
Market analyst Javon Marks expressed his positive expectations regarding DOT’s price movements as follows:
“$DOT is positioned for a significant price increase thanks to multiple breakouts. My target is for it to reach $53.385.”
Current Market Data
According to the latest data, Polkadot's market value is at $9.92 billion and its price has increased by 5.7%. A significant increase is also observed in transaction volume, open positions and liquidation rates. Investors are carefully following this data and shaping their strategies.
