Polkadot Surges 10% Despite Dormant ETF
Polkadot's price has seen a significant surge, rising over 10% to reach $0.87104. This increase has caused the asset to break above a trendline that had held it down for months.
The Polkadot Spot ETF, however, remains dormant, with no net inflows or outflows since June 8. Despite this lack of institutional buying through the ETF, the spot and derivatives demand are driving the price up.
According to technical analysis, the RSI (14) sits at 65.29, showing strong momentum without being deeply overbought yet. The EMA cluster is below the current price, with the shorter EMA 20 at $0.79960 and the longer EMA 50 at $0.83425.
Analysts warn that holding above $0.83826 and the EMA cluster near $0.79960 to $0.83425 keeps the trendline break intact, while losing $0.80743 would expose the rally as a short-lived bounce.