Popular metaverse coin Decentraland (MANA) is catching bulls attention for a potential breakout ahead of the metaverse fashion week event.
Decentraland to host the highly anticipated metaverse fashion week
As Decentraland prepares to host its first “Metaverse Fashion Week” event, MANA may be gearing up for a major upswing. Starting tomorrow, Decentraland will host a four-day virtual runway featuring multiple runway shows, parties and pop-up shops. The event will host a number of big names from the fashion world, including Dolce & Gabbana, Tommy Hilfiger, Dundas and Etro. Many digital fashion brands, including Fabricant, will showcase their new collections virtually.
Sam Hamilton, Creative Director of the Decentraland Foundation, made interesting statements in a press statement that he will even need “sleep” in the metaverse:
Through Metaverse Fashion Week, we are trying to broaden the horizons of what the metaverse means. We just raised the playing field of the fashion world and reduced the limitations.
The event, the first of its kind, turned eyes to Decentraland. This comes after a recent Gartner report estimated that by 2026, 25% of the world’s population will spend at least one hour a day in the metaverse. While MANA has yet to react to the news, it may be positioning itself for a bullish breakout, according to analysts.
Metaverse coin price raises the bar
Metaverse coin MANA is developing a head-and-shoulder pattern on its four-hour chart. A decisive close above the neckline of the technical formation at $2.52 could result in a 12% rise towards $FM2.88. The optimistic target is derived from the distance between the neck and head of the formation.
It is worth noting that for the upbeat outlook to prevail, MANA must continue to trade above the $2.35 support level. Any signs of weakness at this price point could encourage traders to exit their positions. Under these conditions, MANA price is expected to retrace to $2.20. At current levels, MANA, the 32nd largest cryptocurrency by market cap, is trading in the $2.60 band.