21Shares moves forward with Polkadot ETF filing as DOT holds the $4 support

21Shares has submitted the updated S-1 application for the spot Polkadot exchange-traded fund to the U.S. Securities and Exchange Commission, with the initial application filed over a month ago.

21Shares has submitted an updated version of its S-1 application for the spot Polkadot (DOT) ETF to the SEC, dated March 6. Crypto asset manager had previously submitted an S-1 registration statement to the SEC for a spot Polkadot ETF on Jan. 31. The March filing is an updated version of that initial application, possibly to address feedback from the SEC or to provide additional information.

The filing sees 21Shares join Grayscale, which filed to list a spot Polkadot ETF with the SEC on Feb. 25 through Nasdaq.

The Polkadot ETF filings by 21Shares and Grayscale are part of a broader trend where asset managers are increasingly seeking SEC approval for crypto ETFs. 21Shares has also recently filed for ETFs targeting Ripple (XRP) and Solana (SOL). As for its existing offerings, 21Shares currently offers Bitcoin (BTC) and Ethereum (ETH) ETFs, as well as a number of exchange-traded products.

Meanwhile, DOT price appears to have formed a falling wedge pattern on the weekly chart, a bullish reversal setup characterized by lower highs and lower lows converging into a narrowing range. In other words, the distance between highs and lows is decreasing, which means that the rate of decline is slowing. This suggests that sellers are losing momentum, and a breakout could be imminent. If DOT breaks above the local resistance zone of around $10, it would confirm the wedge breakout. The critical support level is around $4, which if crossed, will invalidate the pattern, potentially driving DOT back to the previous major support at $3.60. At press time, DOT is trading at around $4.5, with the 24-hour volume of over $255 million, according to Coinmarketcap.

In addition to the potential approval of Polkadot ETF by the SEC, DOT price may be buoyed by the launch of Polkadot 2.0 in Q1 of this year, a major upcoming upgrade to the Polkadot network designed to enhance its scalability and developer accessibility. An early testnet version is already available on the Kusama network, allowing developers and users to experience and provide feedback on the new features before the official release.