DOT Price Surges Following 21Shares’ ETF Filing – BitRss

Polkadot‘s cryptocurrency DOT ($6.38) saw an approximate 6% increase following 21Shares’ application for a spot Polkadot ETF. The price quickly rose to the $6.5 level, with daily trading volume surpassing $338 million, reflecting a 75% increase. This development is perceived to have generated significant momentum in the market.

Technical Indicator Status

In recent months, notable positive formations have emerged in DOT’s technical chart. Price rebounds have been observed following the formation of a descending triangle pattern between August and November 2023. Fibonacci levels are also indicating potential reversals in the market, with the 0.618 level at $6.772 and the 0.786 level at $5.434.

21Shares has submitted a spot Polkadot ETF filing with the U.S. Securities and Exchange Commission (SEC). The proposed ETF is set to trade on the Cboe BZX Exchange, with Coinbase designated as the custodian to ensure active security. Similarly, ETF applications for other digital assets have also been initiated.

Market Expectations

Market analysts suggest that exceeding the cri…