Polkadot (DOT) Price Shows 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

The Polkadot price slipped slightly by 1.7% on Thursday, March 6th, trading at $4.44. This selling pressure can be attributed to a broader market pullback with Bitcoin falling below the $90,000 pivotal level.

While the market mood suggests an extended correction, the recently updated S-1 filling for Spot Polkadot ETF could present a reversal opportunity for traders.

Here’s a closer look at the latest developments:

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 signals a renewed effort to launch more regulated crypto investment vehicles following the recent approval of Bitcoin and Ether ETFs.

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 that ETF approval boosts market sentiment as it attracts institutional investors and surges market liquidity.

Since Donald Trump became the 47th president of the United States, the legal and regulatory obstacles to cryptocurrencies have notably decreased, allowing crypto-based instruments, such as ETFs, to emerge and flourish.

Polkadot Price Nearing Major Breakout

For over a month, the Polkadot price has been moving back and forth between two horizontal levels at $3.78 and $5.11. This consolidation displayed long-wick rejection candles on either side, signifying that neither buyers nor sellers had complete control.

However, the DOT price is now approaching the bottom of the multi-month support zone, which has been a springboard for recovery ranging from 200% to 225% throughout history.

The momentum indicator RSI also showed an upward trend to 41%, indicating that buyers are attempting to regain control after a period of selling pressure.

If the pattern continues, the altcoin is expected to rise another 18% to reach the $5.1 resistance, presenting a major breakout opportunity for traders.

A successful flip of this overhead resistance into support would pave the way for a rally past the $6.5 psychological level and ultimately towards $7.5.

Solana Addresses Hit Record High 2.07 Billion – What it Means for SOL