- NYSE:Snap stock price escaped the bearish price pattern.
- Investors have made a return of about 7.9% so far in January.
- Buyers prepare to break the 50-day simple moving average.
NYSE:SNAP stock price is looking positive as per short term investments from the price action side. There are many bullish hurdles to influence the rising trend of SNAP stock price. At the moment, the US stock market is looking stable, so the market can see an inflow of money.
This week, a strong trend is being seen in Wall Street. Meanwhile, US stocks ended higher on Wednesday, with the S&P 500 and Nasdaq each gaining more than 1% as investors were optimistic ahead of an inflation report that prompted the Federal Reserve to dial back on its aggressive interest rate hikes. Could have given
The price action shows a high-low trend line above the ascending trendline (top of the chart). Speculators have just bought on the decline. This bullish rally was successfully followed by a breakdown of a descending parallel channel.
In the letter of Wednesday, January 11, NYSE: SNAP stock price rose 2.55% by the end of the intraday and closed at $9.66. Market sellers are waiting for the conceptual round level retest to dump in the asset price in the live market. The immediate resistance present at $10, in contrast, the $8.0 area appears as a stony rebound zone.
After yesterday’s surge, the market capitalization was recorded at $15.58 billion USD. But the below average trading volume may hamper the upward momentum of SNAP stock price.
The sustained upward momentum kept the SNAP stock price above the 20 DMA. As of now, the buyers prepare to breach the 50-day simple moving average. Above this bullish hurdle, the 100 DMA could inhibit the bullish trend.
The RSI indicator crossed above the semi-line after one month, indicating more bullish momentum in the stock. Similarly, the MACD indicator is slowly moving towards the neutral zone to overcome the negative territory.
Conclusion
NYSE:SNAP share price is trading at an important bullish hurdle of the 50 simple day moving average. Buyers need to flip this level into support as soon as possible to ignore another correction phase.
Support level – $8.0 and $7.3
Resistance level – $10 and $12
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.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/12/wednesdays-gainer-snap-stock-price-may-soon-revive-double-digits/