Polkadot (DOT) re -entered the investors’ radar! 21shares’ Spot Polkadot ETF application has pulled up the DOT price. The daily transaction volume increased by 75 %and reached 338 million dollars. Analysts predict that the price can rise up to $ 14. So, is it a big rally door for DOT?
In the DOT price, rise started with ETF support
DOT gained 6 %in the last 24 hours and reached $ 6.5. This movement came after the SPOT Polkadot ETF application for 21shares to the US Securities and Stock Exchange Commission (SEC). If it receives approval, this ETF can significantly increase the market value of Polkadot.
These positive developments have increased the interest of investor and caused a major leap in the daily transaction volume. Technical analysis also supports the possibility of rise. According to Fibonacci levels, a strong upward movement may begin if DOT exceeds $ 6.77.
Is the $ 14 target for DOT realistic?
According to technical analysis, the price of Polkadot was moving in a falling wedge formation for a long time. This structure usually results in a major breakage. Analysts say that if the critical $ 7.54 level is exceeded, the price may rise up to $ 14.6.
Crypto analyst Javon Marx thinks that Polkadot protects the rise trend and is preparing for a large rally. “Polkadot exhibits strong breaks. If this momentum continues, the price may rise up to $ 53.3. ”
How does Polkadot ETF approval affect the market?
Recently, there has been a significant increase in ETF applications. ETF applications were made for many subcoin, such as Solana, XRP, Dogecoin and Litecoin. Giant investment companies such as Grayscale and Coinshares also participated in this race. The approval of Polkadot ETF can have a major impact on the price by attracting corporate investors. It is stated that Coinbase will be the storage of the fund, which stands out as a factor that increases institutional confidence.
Dot price has already started to make the effect of ETF news. If the positive atmosphere continues in the market, Polkadot may rise to a big bull run. Investors should closely follow critical resistance levels in the coming days!
