Decentraland Price Forecast: What to expect from MANA as Metaverse Fashion Week kicks off

Decentraland price (MANA) has identified critical support on day one of the Metaverse Fashion Week. The token is trading horizontally on the four-hour timeframe as bulls push to break above a descending trendline. If the metaverse token escapes this bearish technical formation, MANA could rally northward and record significant gains for investors.

With the big Metaverse Fashion Week (MVFW23) starting on March 28 and ending on March 31, big expectations are that MANA will come on the front foot, with Decentraland price action exploding to the upside. The analysis section of this article will reveal what to expect from the metaverse token.

Decentraland’s Metaverse Fashion Week 2023

This year’s Metaverse Fashion Week marks Decentraland’s second annual event, bringing forth a four-day itinerary filled with fashion shows, parties, shopping, panel talks, and amazing experiences.

In this year’s MVFW, Decentraland will focus on the newly constructed Neo Plaza, a welcome area established to showcase the next generation of fashion designers, Neo Designers. This conforms to the theme of 2023’s MVFW – Future Heritage.

Besides the Neo Plaza, other focus areas will include Luxury District, the new Organic Origins, Dragon City, and other areas throughout Genesis City. The MVFW23 will happen across Web3 with equally exciting OVR and Spatial metaverses events.

Decentraland price riding on the hype around Metaverse Fashion Week

Decentraland price has sowed a hopeful seed for MANA holders after the token identified a critical support level at $0.564, where it is currently trading. If buying momentum increases, MANA could shatter the immediate roadblock at $0.574 presented by a downtrend line traced from March 18 highs. A decisive flip of this barricade into a support level would support the case for a breakout.

Beyond the downtrend line, Decentraland price could rise further, tagging the resistance confluence between the horizontal line and the 100-day Exponential Moving Average (EMA) at $0.602. Slightly higher, MANA could reach the 50-day EMA at $0.608.

In highly bullish cases, Decentraland price could reach the $0.673 resistance level in the next few days, denoting a 19.14% increase from the current price. The 200-day EMA at $0.678 would be a great hit, presumably influenced by an influx of sidelined investors.

MANA/USDT 4-hour chart

Santiment data supports the bullish case for MANA

A look at network volume can help provide a better picture of what’s brewing for the MANA token.

The chart shows that the transaction volume is up around 40% between March 9 and March 28, increasing from 453.38 million to 634.73 million, respectively. The notable increase in transaction volume points to investor interest in the metaverse token in the days leading to the MVFW23.

Still, if MANA holders succumb to broader market FUD and flee the market, Decentraland price could plummet, first losing the immediate support at $0.564. Escalating selling pressure could plunge the metaverse token further toward the $0.546 support level, and if push comes to shove, the token could descend to the March 10-11 lows around the $0.495 support floor.