During Friday’s U.S. trading session, the crypto market witnessed a slight downtick as Bitcoin teased another breakdown below $100k. While the renewed selling pressure stalled breakout potential for most major altcoins, Polkadot price shows resilience as the recent S-1 filing for Polkadot Trust has boosted market sentiment. By the press time, the DOT price trades at $6.387, with an intraday gain of 1.06%
Key Highlights:
- On January 31st, 21Shares submitted an S-1 registration filing to the U.S. SEC to launch the Polkadot Trust
- A rectangle pattern within $11.6 and $3.6 drives the current consolidation In Polkadot price.
- The DOT coin trading below the 100-and-200-day exponential moving average indicates a bearish market sentiment.
21Shares Seeks SEC Approval for Polkadot Trust
On January 31st, Friday, 21Shares officially submitted an S-1 registration filing to the U.S. Securities and Exchange Commission (SEC) for the launch of the Polkadot Trust.
The filing outlines plans for the trust’s common shares to be listed on the Cboe BZX Exchange, potentially offering traditional investors broader exposure to Polkadot (DOT) through regulated financial markets. If approved, the Polkadot Trust could gain investors” confidence and renew demand pressure for its native cryptocurrency, DOT.
Polkadot Price Faces Crucial Support Test Before Recovery
In the last two months, the Polkadot price witnessed an aggressive downfall from $11.65 to $6.3, accounting for a loss of 45.7%. DOT coin correction plunged its market cap below the $10 Billion level while continuing the long-accumulation trend since May 2022.
The weekly chart analysis shows the altcoin has been resonating within two horizontal levels of $11.6 and $3.66. If the market selling pressure persists, the sellers could drive another 42% drop to retest bottom support.
Historically, every retest to $3.6 support had triggered over 200% rally, marking it as a crucial accumulation zone for investors.
However, for risk-averse investors, an upside breakout from $11.6 resistance is needed to signal a trend reversal.
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