Polkadot (DOT) Targest $9 as Market Takes a Bullish Turn

Joshua Ramos
Source: Polkadot Network

The digital asset market is looking to enjoy the fruits of the impending spot Ethereum ETF approval. Indeed, the US Securities and Exchange Commission (SEC) is leaning towards approving the investment vehicle by the end of the week. One asset that could be poised to benefit is Polkadot (DOT), as it targets $9 amid a bullish trajectory.

Indeed, DOT is currently seeking to flip $8 into support. After a series of corrections afflicting the cryptocurrency, Polkadot is trading at $7.56, up more than 9.6% over the last 7 days, according to CoinMarketCap. However, those gains could only magnify with the market predicting a boom.

Source: Gemini

Also Read: Polkadot May Price Prediction: Can DOT Hit $10?

Polkadot Eyes Critical Recovery on Path to Newfound Rally

The digital asset sector is currently on the verge of another massive market-wide rally. The SEC is set to approve a host of spot Ethereum ETFs in what could be another game changer for the industry. The movement of prices could follow a similar path that occurred after spot Bitcoin ETFs were approved in January.

That development led the market’s leading asset to an all-time high of $73,000 just three months after issuance. Moreover, it proved to be a rising tide, lifting a plethora of tokens to notable gains. With experts projecting Ether ETFs to propel ETH to new highs, it could have a similar effect.

One asset that could benefit the most is Polkadot (DOT), which is targeting $9 amid the impending bullish turn for the crypto market. The asset is looking to carry some notable momentum, with its open interest (OI) and futures options increasing by more than $63 million, according to CoinGlass.

Polkadot Confirms Major Trendline Breakout: Will DOT Surge 35% by May End?
Source: Twitter

Also Read: Polkadot Confirms Major Trendline Breakout: Will DOT Surge 35% by May End?

Although this, in itself, is not necessarily bullish, it does speak to long contracts outperforming short contracts. Meanwhile, the Moving Average Convergence Divergence (MACD) is showing bullish trajectories. The indicator shows how two moving averages interact and inform buy-or-sell decisions.

The MACD has avoided bearish designations on two separate occasions over the course of May. Furthermore, it could solidify impending gains if the asset can flip the $8 level from its current position.

If it is able to achieve this, it could be well on its way to the 22% increase necessary to break through the $9 mark. Yet, the opposite could still arise, which would lead to a decline below the $7 mark. However, there is immense optimism considering the ongoing positivity the market could confront in the coming week.