Decentraland Welcomes Skechers, But Selling Continues


Key Takeaways

Skechers has leased a plot of virtual land on Decentraland’s Fashion Street Estate.
Skechers said that the goal is to explore creative ways to engage with new customers and audiences.
MANA continues to trend lower, showing no sign of a trend reversal.

Share this article

Skechers is the latest major company to enter the Metaverse after revealing it will build a store in Decentraland. Despite the announcement’s significance, MANA has failed to react as it hangs on top of weak support. 

Skechers Joins the Metaverse

Skechers, the world’s third-largest sneaker brand, has announced that it will build a virtual store in the Metaverse.

In a press release, the American footwear company said it had leased the equivalent of 5,000 square feet of virtual land on Decentraland’s Fashion Street Estate. Skechers President Michael Greenberg said that the goal is to explore creative ways to engage with new customers and audiences. 

The Skechers announcement is the latest in a long list of major companies to make a pivot to the digital world. The sneaker brand follows hot on the heels of the American investment bank JPMorgan, which last month opened a lounge in the popular virtual world. It predicted at the time that the Metaverse could become a $1 trillion annual market. Samsung also opened a virtual store in Decentraland at the beginning of the year.

While such developments show the growing interest in Decentraland and other Metaverse-related projects, its native token MANA did not react to the news. 

MANA is currently locked in a downward trend, sitting 61% short of its all-time high. The 30th-largest cryptocurrency by market cap appears to be trading above a weak support, showing little to no sign of recovery. 

MANA Looks Weak

From a technical perspective, MANA is lying on top of the 100-day moving average on the two-day chart at $2.30. MANA has tested this crucial support level six times since the beginning of the year, which could affect its potential to hold. A decisive close below the 100-day moving average could result in a 32% correction toward the 200-day moving average at $1.60.  

Source: TradingView

Bulls must step in to prevent MANA from incurring further losses. More importantly, prices would need to regain the 50-day moving average as support on the two-day chart to suggest a potential trend reversal. Under such circumstances, Decentraland’s native token could rise to test the $4 resistance level. 

Disclosure: At the time of writing, the author of this piece owned BTC and ETH.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

What is a Crypto Airdrop: Why Projects Airdrop Crypto

Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread…

What Can You Do in Decentraland’s Metaverse?

Join Crypto Briefing as we explore the events, games, and attractions bringing players into the virtual world of Decentraland.  What Is Decentraland?  Decentraland is a 3D virtual world owned by…

Samsung Opens Virtual Store in Decentraland’s Metaverse

Electronics giant Samsung is opening its first virtual store in Decentraland, a blockchain-powered Metaverse world. Samsung Enters The Metaverse Samsung is expanding its presence to the virtual world. The electronics…

JPMorgan: Metaverse Could Be $1 Trillion Annual Market

JPMorgan has published a paper on the Metaverse, estimating that the emergent virtual space could be a $1 trillion annual market opportunity. The investment bank has also opened a lounge…



Source

Recommended For You

About the Author: wp4crypto

Leave a Reply

Your email address will not be published.