Polkadot Price Surges 9.67%, Targets 56.13% Gain Amid ETF Buzz

The recent market downturn has had a major impact on Polkadot (DOT), with the altcoin dropping by around 15% in just two days. However, on July 6, the price started to recover, rising 9.67% to the current price of $6.24. Despite this recovery, DOT has experienced a significant drop of 47.47% from its peak of $11.88 on April 1. The ongoing discussions about a potential ETF could lead to positive changes for the cryptocurrency.

DeFi researcher and crypto analyst 0xNobler recently Revealed It was announced on X that Coinbase has secret plans for a DOT ETF. According to his post, the well-known cryptocurrency exchange is in the early stages of applying for a DOT ETF, with the first approval stage expected on July 15. On June 28, Coinbase made a big move by applying for a DOT futures contract, a futures ETF, and a spot ETF.

Polkadot, a well-known network, is expected to have a very successful ETF according to its supporters. The announcement has already led to a significant increase in activity on Coinbase Derivatives. If the DOT ETF is approved, it could significantly boost the price of DOT, providing a much-needed boost amid recent market struggles.

Polkadot Bullish Reversal

ZAYK Charts analysts recently Analyzed Analyzing the current trend of DOT on a daily time frame, he offered a compelling prediction. He identified a descending wedge formation, which often signals a potential bullish reversal, characterized by converging trendlines sloping downwards and encompassing lower highs and lower lows.

A descending wedge pattern typically signals a bullish outlook, suggesting that sellers are in control but are losing influence. Polkadot has been fluctuating within this pattern since its February peak, with the lower limit consistently providing support and the upper limit acting as resistance.

ZAYK is expecting a breakout from this wedge, which usually leads to a strong price rally. A breakout is expected when price decisively breaks through the upper trendline of the wedge, signaling a shift in market sentiment from bearish to bullish, which could lead to a strong upside.

The analyst’s breakout target is around $9.60, which would suggest an upside of approximately 56.13% from current price levels. On the chart, this target zone is highlighted with a green box. However, the timing of this expected breakout is important. If Polkadot continues to trade within a narrow wedge, it will increase pressure and the chances of a breakout will increase.

ZAYK’s insight suggests that traders should closely monitor price movements around the upper trendline for signs of increasing buying pressure. The potential approval of the DOT ETF, coupled with this bullish chart pattern, increases the likelihood of a significant upside for Polkadot in the near future.

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