Decentraland price readies to surge to $3 ahead of Metaverse Fashion Week
|- Decentraland price is coiling in a triangle.
- MANA price needs one more swing into $3 to validate the bullish formation.
- A break below wave C at $2.10 will invalidate the bullish thesis.
Decentraland price is consolidating in what appears to be a B-wave triangle. MANA may have already completed three of the five required structures within the triangle and could charge higher towards $3 to complete the fourth. These technical bullish developments are showing up as the Metaverse Fashion Week kicks stars in the next few hours.
Decentraland price could provoke early buying
Decentraland price appears to be gaining bullish momentum as the Metaverse startup prepares to host a series of runway shows, afterparties and pop-up shops with brands exhibiting digital garments on avatars walking on virtual catwalks.
“I think people will be amazed, because our team has been working so much to really achieve unique spaces in 3D and unique shops for the stores,” said Giovanna Graziosi Casimiro, head of Metaverse Fashion Week.
MANA price currently has a swing low at $2.20 marked wave C. Interestingly enough, the C wave displays negative divergence on the Relative Strength Index with higher lows that occurred in February on the 4-hour chart.
The bulls have supported MANA price all week as the token is currently trading at $2.49.
The next target for Decentraland price lies 35% higher in the $3.00 zone. A newly established pivot level around $3.00 could constitute Wave D within the overall triangle. The tapering off in sellers' volume also adds more bullish confluence. This scenario could provoke Elliot Wave analysts to enter early as the invalidation level is currently 12% above the current price.
MANA/USD 4-Hour Chart
Traders should keep in mind that triangles are tricky, but it's hard to argue with such a tight invalidation level. If $2.10 were to get touched, then the bears would likely dominate MANA price and send it back into $1.90 - $1.75, up to 40% below the current price.
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