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- Snap Inc. (NYSE:SNAP) stock price has gone through an interesting roller coaster ride throughout the 2022.
- SNAP stock price is consolidating over the daily time frame chart showcasing some sustainability for SNAP share price.
- SNAP share price might rally after this consolidation phase and may provide maximum returns during 2023.
Snap Inc. (NYSE:SNAP) stock price has been slipping from last year and now the SNAP stock is finally trying to sustain through the current consolidation phase inside the symmetrical triangle pattern. However, investors need to wait until Snapchat share price breaks out from the upper trendline of the symmetrical triangle pattern over the daily time frame chart. SNAP Inc’s shareholders need to look for an opportunity to get a better price to buy and stake SNAP shares and then wait for Snap share price to recover till $30 by mid 2023 and then for the remaining path. Meanwhile, strong buying can be seen as soon as the Snap share price leaves the symmetrical triangle pattern over the daily time frame chart.
SNAP stock price was at $9.21 and has gained 1.09% of its market capitalization. SNAP share price must maintain the current accumulation rate and should try to increase it during the day’s trading session.
SNAP stock price is trying to get a kickstart as it is trading at the verge of symmetrical triangle pattern. Now is the time for SNAP share investors to accumulate themselves to register the breakout from the symmetrical triangle pattern. However, trading volume is still trying to increase above average to register the stock’s smooth flow out of the pattern. Meanwhile, Snapchat share price is currently consolidating at 20-EMA and is preparing to surge towards 50, 100 and 200-days Daily Moving Average, as soon as it breaks out of the pattern.
Will Snap Stock Price Register its Breakout?
Snapchat stock price may recover significantly by the end of 2023 as per the recent reports made by analysts. SNAP share price must register its breakout from the symmetrical triangle pattern to skip the current consolidation phase and recover over the daily time frame chart. Technical indicators suggest the upside momentum of SNAP share price.
Relative Strength Index showcases the uptrend momentum of Snap share. RSI is at 50 and is trying to sustain above neutrality. MACD exhibits the upward velocity of Snap share price. The MACD line is above the signal line after a positive crossover. Snap shareholders must wait until the share price registers its breakout from the symmetrical triangle pattern. For the long term view, Snap share price may surge towards $40 by the end of 2023 according to the reports.
Summary
Snap Inc. (NYSE:SNAP) stock price has been slipping from last year and now the SNAP stock is finally trying to sustain through the current consolidation phase inside the symmetrical triangle pattern. Now is the time for SNAP share investors to accumulate themselves to register the breakout from the symmetrical triangle pattern. Snap stock price may recover significantly by the end of 2023 as per the recent reports made by analysts. The MACD line is above the signal line after a positive crossover. For the long term view, Snap stock price may surge towards $40 by the end of 2023 according to the reports.
Technical Levels
Support Levels: $8.50 and $8.00
Resistance Levels: $10.00 and $12.00
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.
