On March 6th, Thursday, the Polkadot price showed a slight downtick of 1.7% to reach the current trading volume of $4.44. This selling pressure can be attributed to a broader market pullback as Bitcoin dives below $90,000. While the market sentiment hints at extended correction, the recently updated S-1 filling for Spot Polkadot ETF could unveil a reversal opportunity,
Key Highlights
- 21Shares updated its Spot Polkadot ETF S-1 filing, signaling institutional interest
- A declining trend in major Exponential Moving Averages (20, 50, 100, and 200) hints the path to least resistance is downward.
- The $3.78 level stands as a major accumulation zone for Polkadot buyers.
21Shares Updates Spot Polkadot ETF Filing
On March 6th, 21Shares filed an updated version of its Spot Polkadot (DOT) ETF S-1 application, according to a post from Solid Intel on X (formerly Twitter).
The updated filing signifies a renewed push toward expanding regulated crypto investment vehicles following the recent wave of Bitcoin and Ethereum ETF approvals. If approved, this would make Polkadot (DOT) one of the few cryptocurrencies with a direct spot ETF offering, further integrating the asset into traditional financial markets.
Historical data shows ETF approval boosts market sentiment as it attracts institutional investors and surges market liquidity.
As Donald Trump became the 47th president of the United States, the regularity obstacle to cryptocurrencies has notably eased, allowing crypto-based instruments to emerge.
Polkadot Price Nearing Major Breakout
For over a month, the Polkadot price has been resonating between two horizontal levels of $3.78 and $5.11. This consolidation showed long-wick rejection candles on either side, indicating no clear dominance from buyers or sellers.
However, the DOT price is currently positioned at the bottom of the multi-month support zone, which historically boosted recovery of 200-225%. The momentum indicator RSI inclined upward to 41%, displaying the buyer’s attempt to renew the prevailing bullish rally.
If the pattern holds, the altcoin should rise 18% to challenge the $5.1 resistance for a bullish breakout. A successful flip of overhead resistance into support would bolster a rally past $6.5, followed by $7.5.
Also Read: Solana Addresses Hit Record 2.07 Billion – What it Means for SOL
