SNAP to maintain high streaks— holders to get rising prices as rewards

Mass layoffs in the tech industry are in trend.
The quarterly conference call is scheduled for Jan 31.
Analysts anticipated a price rise.

The popular camera company, Snap Inc. (NYSE: SNAP), is under pressure as the tech industry goes topsy-turvy. Its flagship product, Snapchat, is a camera application that helps people communicate visually and consistently introduces newer lenses to maintain the hype.

The camera company could not refrain itself from being in the picture of the global economic slowdown. The major chunk of the tech industry is witnessing surging firings, disproportionately affecting skilled human resources.

The coming updates and transitions in the industry can boom the techno sector. Shift to Web3 and higher networks will play a crucial role as they would define humankind’s new generation of technology applications. The scheduled quarterly conference call will discuss the performance and set goals for the coming term. The call is scheduled on Jan 31, 2023.

2023 as a challenge

2023 is shaping up as a challenge with mass layoffs and major economies slowing down, furthering toward recession. Companies like Meta Platforms Inc (NASDAQ: META), Amazon.com Inc (NASDAQ: AMZN), Twitter Inc (NYSE: TWTR) and Snap Inc together cut off over 97,000 jobs in 2022. It was a part of the strategy to deal with the slowing economy and shareholders’ pressure.

According to the IMF’s prediction, 2023 displays a “dry picture,” and the ripples of the recession might hit hard. The report also mentioned the horrific situations that are approaching as the world’s major economies face a setback.

Prices recite the story

The recent price movement of SNAP has formed a falling parallel channel and has reached the upper half of the channel. The volume is contained and witnesses less interaction for the lowering prices. Chances of establishing a bull run, if the current prices can sustain above the break out level of $9.40. The predicted bull run may rise up to $12.10 in the coming term.

The RSI suggests buyers and sellers interacting at par, as the market is set on neutral near the 50-mark average. The MACD records ascending buyers, as the projection of the rise has started to take shape. It also records the rise in interest as the lines slope up in hopes to breach the zero-histogram mark. They suggest more positive responses to come from the holders of the SNAP stock as they envision bull taking dominance.

Conclusion

The SNAP market is on the lower end of the ladder, and may soon climb up. The holders hold their hopes high and watch the breakout level of $9.40. Support zone of $8.10 can be relied upon.

Technical levels

Support levels: $8.10 and $7.36

Resistance levels: $13.03 and $14.06

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.

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