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- META share price has seen a jump of 21% since the date of the announcement of layoffs. It is currently trading near the value of $117.8.
- META might limit their investment in Metaverse and virtual reality to $5 Bn per year.
As the economic downturn has picked up its pace, it has affected the revenue of META. Its share price has taken a worse hit and has stumbled from a high of $338 to $88 in recent trading sessions. Last week on NOV 9, When the CEO of META confirmed the 13% layoff, the stock price witnessed a gain of 21% up to date. The share price has consistently risen to $117. In a letter to their employees, Mark said that the company needs to be capital efficient in this environment and has shifted its focus to high-priority growth areas.
Stock market analysts predict that META’s share price will grow consistently as the company reduces its workforce. They are also looking to make the business profitable.
META Bulls Are Ready To Rally For $150
The weekly technical chart of META suggests a consolidated trend in price. On coming to the daily chart, the asset price is trading near the value of $117 with an upside trend. There has been a 21% gain in the META price in the past 7 days. It has also observed an uptick of 109% in volume from October to November. The asset price currently trades below the 50 and 100 Daily Moving Averages. A strong upside momentum can be seen if the asset price jumps above 50 DMA. Resistance for META share price on the upside can be near $140. Meanwhile, a bounceback in the asset price can be near $95.
RSI: RSI of the META Stock price is near 58 with a strong positive slope. It suggests a strong upcoming momentum in the share price.
Conclusion
META has seen a layoff of approximately 11000 employees, which has pushed the share price up 21% high. It can see a strong move shortly.
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 pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
