Snap Stock: Will Snap stock price strike the $20 mark in 2023?

Snap Stock price is stuck into the wide range consolidation between $8.00 to $13.00.
Snap stock price holds the 50 day EMA but lacking the momentum.
Snap Inc (NYSE: SNAP) stock price showing signs of long term base creation.

Snap stock price down by 20% approx from the recent peak at $12.67 and trading near its equilibrium zone. Snap stock price has not performed well in the past 1 year time horizon and disappointed its long term investors.

Snap stock price is trading below the downward sloping 200 day EMA showcases downtrend on the positional basis. However, the bulls are trying to hold the prices above the 50 day EMA to keep the short term trend in the favor of bulls.

Snap Inc stock (NYSE: SNAP) closed the previous session at 10.66 with an intraday decline of -0.37% and the market capitalization stands at $16.86 billion. At the beginning of January, Snap price took U- turn near to the 52 week low and showed the initial signs of the short term bullish trend reversal. Later, the prices gained some positive momentum and began to rise upward by forming higher high candles.

Snap stock price has also succeeded in regaining the 50 day EMA which boosted the further momentum and prices rallied 30% approx. At the beginning of February, Snap stock reached the higher range of the consolidation and bulls failed to push the prices above the range. Therefore $13.00 will act as a strong hurdle level for the bullish traders. Later, the overall market sentiment also started turning bearish which negatively impacted the Snap stock and prices reverted in the downward direction.

Will the Snap stock see upward range expansion?

Snap stock price has attempted multiple times to break out of the higher range but got rejected indicates strong bears are active at higher levels. However, the prices are consolidating for over the 6 months and it might be forming a long term base. On the other hand, If the overall market sentiment improves then the probability of the upward range expansion will substantially increase. Till then prices are expected to consolidate in the range marked in the chart.

What if Snap stock price slipped below $10?

Snap stock price is holding the $10.00 level which acts as an immediate support. However, if the price drops below the $10.00 then bears may again try to drag it down toward the yearly lows. The technical indicators of the Snap stock like MACD is sloping sideways indicating prices lacked direction and expected to remain in consolidation. The RSI at 51 denotes neutral territory and balance between buyers and sellers.

Conclusion

Snap stock price is lacking the one side direction and does not show any signs of sharp up or down move. The technical analysis suggests Snap Inc (NYSE: SNAP) the price is expected to remain in wide range consolidation. It also shows that the probability of striking the $20 mark in 2023 is very low but as we know the financial market is full of surprises.

Technical levels

Resistance levels : $13.00 and $16.00

Support levels : $10.00 and $8.00

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 assets comes with a risk of financial loss.