Decentraland (MANA), just like all digital assets, has been hit hard by the FTX fiasco that began in early November. Before FTX declared bankruptcy, MANA/USDT had hit a local peak of $0.744, only to drop to a local low of $0.3555 due to the crypto-wide meltdown caused by FTX declaring bankruptcy.
MANA/USDT Could Retest $0.50 In Anticipation of the Decentraland Fashion Week
Further checking the one-day MANA/USDT chart below courtesy of Tradingview.com, it can be observed that Decentraland continues to be in bearish territory below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages. Its daily MACD and RSI (red) further confirm the ongoing pullback, but its MFI (green) shows some encouraging levels of buyer interest.
Concerning future price action, the Decentraland ecosystem has a bullish event in March 2023: The Metaverse Fashion Week. The latter will run from the 28th to the 31st of March 2023 and will conclude ‘the Spring/Summer Fashion season on virtual catwalks.’
Decentraland’s Metaverse Fashion Week is the second such event after a similar one this year, where it hosted over 108k people and iconic luxury brands such as Dolce & Gabbana, Tommy Hilfiger, Selfridges, Guo Pei, Paco Rabanne, and more.
Therefore, the March 2023 Metaverse Fashion Week could help build up price action momentum for MANA/USDT leading to a bullish $0.50 retest between now and then. Chances are that MANA/USDT could break the $0.50 ceiling and move higher as the Metaverse Fashion Week draws nearer.
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