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- 1 SNAP stock has been seeing a surge as Biden government might ban TikTok in the future
- 2 Bulls of SNAP stock are looking for a rally to $12 in future. It has observed a gain of 6% in the past 24 hours.
Snap Inc. (SNAP) is a technology and social media company that has taken the world by storm with their innovative and highly engaging platform Snapchat. SNAP stock has become a popular investment choice in recent years which tells greatly about the company’s future. Their ability to continuously adapt to change and trends has made them a popular choice. Snapchat’s user base has grown rapidly over the years. From augmented reality filters to social games, Snapchat has always been at the forefront of social media innovation. Snapchat has also made significant strides in the ecommerce space, with strong technological advancement. This move towards e-commerce could provide a significant revenue stream for the company in the future. TikTok may get banned in the United States which could push the users penetration for the SNAP stock.
SNAP has a market cap of 17.99 Billon with a negative EPS. Various analysts are expecting a strong growth in SNAP if Tik Tok Gets banned.
Bulls Of SNAP Are Looking For A Push
The weekly technical chart of the SNAP suggests a consolidated trend in price. It has given a strong breakout in the daily chart. SNAP is currently trading near the value of $11.3 with a gain of 6.75% in the intraday session. Resistance of SNAP can be seen near the value of $15.Meanwhile a bounceback in the downside trend of price can be seen near $10. It is trading above 50 and 100 Daily Moving Average with a positive crossover in the past.
RSI of the SNAP is near 58 suggesting its presence in the neutral zone. There is a positive slope in the RSI suggesting a strong upside trend.
Conclusion
SNAP has been on a surge with the perspective of Tik Tok being banned in the United States. SNAP stock price may see a continuation of the upside trend in the future.
Technical Levels
Major Support:$10
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.
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.
