Meta Stock Price Hit 85 Month Low, Can We Buy At The Price Point?

• Meta investors are not satisfied with the Q3 results.
• The digital asset trading value fluctuates near a 7-year low.

Mark Zuckerberg is adding another feature to WhatsApp and Messenger. They’ve executed updates in Brazil, Indonesia, Mexico, Colombia and the UK, where people can browse businesses on WhatsApp by category, such as travel and banking. They are also developing a secure payment method on WhatsApp with several payment partners.

However, the NASDAQ:META stock price is suffering from intense selling pressure. As a result, buyers hardly kept the share price close to 5-year lows. It only shows the price increase or not to sell. The dominance of market sellers is visible on the charts, and they are turning each increase into short selling, so bulls often fail to break past swing highs.

In October, market analysts met with the third quarter results of NASDAQ:META. Which pushed the price towards yearly lows. Notably, on November 4, the bears successfully hit a 7-year low of $88.09, a major sign of strong selling pressure, with even the big bulls fearing a reverse trend.

The yearly bottom of $88 only tested once while downtrend, bears may drag price towards it again. Although the global market seems to be stable on higher levels. In the letter of 17 november, the META stock price fell 1.57% and closed at $111.45 mark against USD. In the 3rd quarter results, revenue decreased 4.47% and reported at 27.71 Billion and net income went down by 52.2%  at 4.40 Billion, therefore bears became more aggressive for constant selling. 

Although bulls recovered cost from yearly low and they successfully changed the ideological round level-$100 into support. On the higher side, bears are ready to sell the META stock price at the 200 day moving average. Furthermore, RSI looks in recovery mode. 

Conclusion 

The NASDAQ: META stock price is already on the way to fill the gap to a higher zone. The conceptual round level of $100 acts as a key support and 200 DMA-resistance. These new developments may drive recovery on share’s valuation. 

Support level – $100 and $88

Resistance level – $125 and $200

Disclaimer 

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

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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