Will SNAP Stock Price Rise From Ashes to Reach $13.65?

SNAP stock price has been trying to sustain at the $10 mark to reach the $13.65 recovery level but failed each time. Now buyers need to accumulate at a higher rate in order to push SNAP share upwards. However, sellers have been continuously pulling SNAP shares downwards to remain below the $10 mark. Trading volume needs a boost to let SNAP share price skyrocket over the charts.

Snap stock had a roller coaster ride below the $13.65 mark and has been struggling to register its breakout. Meanwhile, buyers are instructed to come forward to push SNAP share price for the recovery.

Snap stock price was at $8.74 and has lost 1.91% of its market capitalization during Monday’s trading session. Trading volume was below average and needs to grow during Tuesday’s trading session. However, during the pre market session SNAP share slumped around 0.69% showcasing the sellers’ presence.

Analyzing SNAP Stock Technical Indications

Snap stock price has been struggling to break out from the $10 resistance and reach the $13.65 recovery level. However, volume change can be seen below average and needs to grow during Tuesday’s trading session. Buyers need to accumulate at a significant rate to push SNAP share price upwards. Meanwhile, SNAP shares are trading below 20, 50, 100 and 200-days daily moving averages.

Snap stock price has shown mixed performance in recent periods. Over the past week, it managed to gain approximately 1.63%. However, in the span of a month, SNAP shares have experienced a notable decline of 16.04%.

Over a broader three-month timeframe, the decline has been more significant, with a decrease of around 26.55%, and over the last six months, SNAP shares have fallen by 19.45%. Additionally, on a year-to-date basis, SNAP’s share price has slumped by approximately 4.48%. These trends suggest that 2023 has been challenging for SNAP shares in terms of their performance.

Technical indicators highlight the fall of SNAP stock over the daily time frame chart. Relative strength index (RSI) shows the downtrend in SNAP shares. RSI was at 40 and is moving towards the oversold territory. Investors in Snap Inc. (NYSE: SNAP) needs to wait for any directional change over the daily time frame chart.

Summary

SNAP stock price has been trying to sustain at the $10 mark to reach the $13.65 recovery level but failed each time. Snap stock had a roller coaster ride below the $13.65 mark and has been struggling to register its breakout. However, volume change can be seen below average and needs to grow during Tuesday’s trading session. Technical indicators suggest the fall of SNAP stock over the daily time frame chart. Investors in Snap Inc. (NYSE: SNAP) need to wait for any directional change over the daily time frame chart.

Technical Levels

Support Levels: $8.38 and $8.10

Resistance Levels: $9.00 and $9.40

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing