The Oscars red carpet is arguably one of the most buzzed-about fashion moments for celebrities. Before Hollywood's elite make their way inside the Dolby Theater to accept honors for the best in film at Sunday's 88th annual awards ceremony, they will walk the red carpet in dazzling gowns, sparkling jewels and picture-perfect hair. 

All eyes will be on the red carpet to see what (and who) the stars will be wearing. According to an analysis by Similar Web, the Oscars are a big win for designers lucky enough to have their creations on the red carpet. Last year, designers Elie Saab, Zuhair Murad and Monique Lhullier dominated the awards show, so you can expect to see several actresses wearing their clothes again this year.

Taking a look at past red carpet fashions for award shows, here are a few trends and predictions you will most likely see at the 2016 Oscars. 

Capes

Last month, Time magazine crowned Gwyneth Paltrow's 2012 white Tom Ford cape dress as one of three Oscar gowns to make history. This year, it looks like the superhero-esque trend is back. Bold capes dominated the red carpet at recent events, with stars like Jennifer Lopez and Chrissy Teigen both rocking the look. At the Golden Globes, Lopez wore a canary Giambattista Valli Haute Couture gown, while Teigen covered her baby bump in a white dress by Yousef Al-Jasmi at the Grammys.

Chrissy Teigen Chrissy Teigen on the red carpet at the Grammy Awards on Feb. 15, 2016, in Los Angeles. Photo: Getty Images

Jennifer Lopez Jennifer Lopez at the Golden Globes on Jan. 10, 2016, in Beverly Hills. Photo: Getty Images

Cutouts

Several celebrities showed a little skin at past award shows this year with strategically placed cutouts. Jennifer Lawrence looked stunning in a red Dior gown with side cutouts at the Golden Globes, while Brie Larson opted for a gold dress by Calvin Klein  at the same event. 

Brie Larson Brie Larson at the Golden Globes on Jan. 10, 2016, in Beverly Hills. Photo: Getty Images

Jennifer Lawrence Jennifer Lawrence at the Golden Globes on Jan. 10, 2016, in Beverly Hills. Photo: Getty Images

Plunging Necklines

Low-cut gowns are nothing new on the red carpet, and several stars took the plunge at this year's awards shows. Jaimie Alexander rocked the daring look at the Golden Globes in a green Genny  gown, while Rooney Mara wore a Valentino gown at the SAG Awards. 

Rooney Mara Rooney Mara at the SAG Awards on Jan. 30, 2016, in Los Angeles. Photo: Getty Images

Jaimie Alexander Jaimie Alexander at the Golden Globes on Jan. 10, 2016, in Beverly Hills. Photo: Getty Images

Sequins

Sparkly dresses are back! Sequins have always been a staple on the red carpet, and actresses like Uzo Aduba and Olivia Wilde stuck to this long-running trend while at the Golden Globes. Aduba wore a Talbot Runhof gown, while Wilde went with designer Michael Kors. 

Olivia Wilde Olivia Wilde at the Golden Globes on Jan. 10, 2016, in Beverly Hills. Photo: Getty Images

Uzo Aduba Uzo Aduba at the Golden Globes on Jan. 10, 2016, in Beverly Hills. Photo: Getty Images

Midnight Blue

Beautiful deep, blue dresses completely took over the red carpet at the Grammys and Golden Globes. Selena Gomez stunned in a shimmery dark blue gown with a deep V-neck and cutout sides, while Lady Gaga wore an embellished blue dress with a high front slit paired with huge red platform heels. At the Golden Globes, Melissa McCarthy, Bryce Dallas Howard and Julianne Moore all dazzled in gowns reminiscent of the night sky. 

Bryce Dallas Howard Bryce Dallas Howard at the Golden Globes on Jan. 10, 2016, in Beverly Hills. Photo: Getty Images

The Oscars 2016 red carpet begins at 7 p.m. EST on ABC Sunday, Feb. 28.