Polkadot Price Surges Amid ETF Approval, Eyeing $10 Breakout

Polkadot (DOT) price has surged over 10% in the past 24 hours, ranking among the top-performing altcoins. Grayscale has added Polkadot to its growing list of ETFs filed with the US Securities and Exchange Commission. Nasdaq has requested approval to list Grayscale Polkadot Trust shares, aiming to provide investors with better price-tracking options. The latest developments have fueled market optimism, pushing DOT closer to the $10 resistance level.

Polkadot Price Targets $10 as Market Reacts to SEC’s ETF Approval

Polkadot price surged 10% after Grayscale filed for a Polkadot exchange-traded fund (ETF). The move follows similar applications for XRP and Dogecoin ETFs.  

Nasdaq confirmed on February 25 that Grayscale submitted a 19b-4 filing for a Polkadot ETF with the U.S. Securities and Exchange Commission (SEC). If approved, the fund will trade on Nasdaq. The SEC has 45 days to acknowledge the filing and may extend the review.  

Grayscale has been expanding its crypto ETF offerings. Earlier this month, the SEC opened a 21-day public comment period for XRP and Dogecoin ETFs filed through NYSE Arca. 

Market participants can submit opinions before the regulator decides on approval or rejection.  

Polkadot’s recent rally reflects the growing interest in cryptocurrency ETFs. Market reactions suggest optimism, with traders closely watching regulatory developments. If the SEC approves the Polkadot ETF, it could influence DOT’s market trajectory.

DOT Price Eyes Potential Breakout to $10

The latest DOT price has experienced a notable upward movement, signaling a potential bullish breakout. Currently positioned at $4.679, DOT has formed an ascending channel, With more than 10% in the past 24-hours. 

The Relative Strength Index (RSI) currently stands at 48, recovering from oversold conditions. The Moving Average Convergence Divergence (MACD) indicator is forming a bullish crossover. The signal line is turning upward, suggesting increasing buying pressure. 

The 4-hour chart highlights crucial resistance levels. The $6.00 mark is the first major barrier. A confirmed breakout above this level could send DOT toward $8.00.  Continued bullish momentum could drive the price to $10.00, representing a 105% increase from current levels.

On the downside, immediate support sits near $4.00. If selling pressure increases, the Polkadot price prediction may retest this level before attempting another push higher. 

To sum up, the Polkadot price surge reflects growing optimism in crypto ETFs. If the SEC approves the ETF, DOT may continue its bullish momentum, aiming for a breakout beyond key resistance levels.