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- SNAP has posted its slowest ever quarterly growth rate and projected that it sales for the current year will fall.
- SNAP bulls and bears are not looking for roar.It is currently trading near $10.65 with a fall of 3% in the intraday session.
Snap Inc.the parent company of the popular social media platform Snapchat, has seen a significant increase in its stock price since its IPO in 2017. The impressive growth can be attributed to a number of factors, including Snapchat’s expanding user base, increasing revenue, and improvements to the platform’s advertising offerings. In recent years, Snapchat has seen a surge in popularity among younger users, particularly in the highly coveted Gen Z demographic. This has helped the company attract a growing number of advertisers, which has led to a steady increase in revenue.Additionally, Snapchat has made significant investments in augmented reality (AR) technology, which has helped to differentiate the platform from its competitors and further engage users. SNAP has posted its slowest ever growth rate and may see a downfall in the future.
SNAP has a market cap of $18 Billion and has a negative EPS. It can see a rise to $15 in the upcoming months as per the analysts.
Are Bears Of SNAP Ready To Push Down?
The weekly technical chart of the SNAP suggests a consolidated trend in price. On the daily chart it is trading near the value of $10.65 with a drop of 3% in the intraday session. It is currently trading in a consolidated trend but can move to new highs. Resistance of the SNAP can be seen near $15.The support of the asset price can be seen near $7.It is trading above the 50 and 100 Daily Moving Average. They can act as a support for the fall in SNAP price.
RSI of the SNAP has seen a significant downside slope suggesting a downside trend. The overall sentiment of the RSI is bearish.
Conclusion
SNAP slow growth rate may affect the price in the long term.
Various analysts are expecting a moderate to strong in the asset price.
Technical Levels
Major Support:$7
Major Resistance: $15
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
