DOT Price Eyes Major Breakout to $14 Amid Spot Polkadot ETF Filing

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.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.