Decentraland (MANA) eyes major gains amid first Metaverse Fashion Week

MANA, the native token for the Decentraland blockchain, is gearing up for major gains. During the past 24 hours, this token has gained by 6.4%. It was trading at $2.61 at the time of writing, according to data from CoinGecko.

Decentraland is hosting a four-day virtual fashion event that will include runway shows, afterparties and pop-up shops. The event is happening in the Decentraland Luxury Fashion District. It will feature some of the popular brands in the fashion sector, including Tommy Hilfiger, Dolce & Gabbana, Dundas and Etro.

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The Creative Director at the Decentraland Foundation, Sam Hamilton, commented on the development, saying,

Through [Metaverse Fashion Week], we endeavour to broaden the horizon of what “Metaverse” means. We just levelled up the playing field for the world of fashion and decreased the limitations. Even in the Metaverse, you’ll be needing a “fit”.

Decentraland has seen notable adoption over the years as a leading metaverse project. This latest news has added to the adoption of this blockchain. The metaverse is gaining popularity, and it is currently estimated that by 2016, a quarter of the world’s population will spend more than an hour on the metaverse.

MANA gears for a breakout

MANA has not reacted to this news. The token has gained by 6.5% during the past 24 hours, and the gains come from broader market support. Nevertheless, the token seems to be gearing up for a bullish gain.

Following the 24-hour uptrend, Decentraland (MANA/USD) has broken past the resistance level at $2.52. Currently, it is eyeing the next major resistance at $2.88. The token has a high chance of breaking this resistance, given that the market support is high and the buzz caused by this Metaverse Fashion Week.

However, the market has recorded increased volatility since the beginning of the year, and the Metaverse Fashion Week could fail to support the gains. For MANA to maintain the gains, it needs to stay above the support level of $2.35. If the token trades below this level, it could prompt traders to sell their holdings. This could lead to MANA dips to $2.20.