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- Snapchat has seen a sales decline and stock price has seen a decline in the recent days
- Technical indicators of SNAP are seeing a consolidated trend.It is currently trading near the value of $11
Snap Inc. is the parent company of the popular social media platform Snapchat. One of the key factors that sets Snap stock apart from other technology companies is its unique business model. Unlike most social media companies, Snap generates a significant portion of its revenue through advertising and has created a highly innovative advertising platform that allows advertisers to reach Snapchat’s young, engaged user base.Another key difference is Snap’s focus on augmented reality (AR) technology. The company has made significant investments in AR and has integrated it into many of its core features, such as Lenses and Filters. This has allowed Snapchat to differentiate itself from other social media platforms and has helped the company to attract a dedicated and growing user base.Snap has also made a concerted effort to expand its product offerings beyond just the Snapchat app. The company has acquired a number of smaller companies and has developed new products, such as Spectacles and the Snap Map, in an effort to keep users engaged and to drive growth.
SNAP has a market cap of $17 Billion and has a negative EPS.Various analysts are expecting a strong a strong growth in the future.
Are Bulls’ Hope Diminishing?
The weekly technical chart of the SNAP suggests a consolidation in price.On the daily chart it is trading near the value of $11 with a gain of 0.48%. Resistance of SNAP stock can be seen near $15. Meanwhile the support of the asset price can be seen near $8.It is currently moving in a slow paced bullish momentum. It can move to a new high in the upcoming days.It is currently above the 50 and 100 Daily Moving Average.It can see a positive crossover which can be a bullish sign for the investors.
RSI of the asset price is near 63 suggesting its presence in oversold zone.There is a weak upside slope formed in the RSI suggesting a weak momentum.
Conclusion
SNAP.Inc has seen a decline in the sales which has affected the stock price. Various analysts are expecting a strong growth in the near future.
Technical Levels
Major Resistance:$15
Major Support:$10
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.
