Momentum

Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>SNAP stock price showed a reversal and gained momentum in the past sessions. </a> </li> 
 <li> <span>2</span> <a>Buyers are keen to fill the pending gap near the 200 day EMA. </a> </li> 
</ul> 
<p>Snap Inc. (NYSE: SNAP) has undergone a V-shaped reversal, starting from a support zone around $9.00. The stock is currently gaining strength and has successfully surpassed the 20-day Exponential Moving Average (EMA), indicating strong momentum in the charts.</p> 
<p>The price action indicates that SNAP stock retested its support level and has preserved its gains, suggesting that buyers are gaining strength and aiming to close the existing gap near the 200-day EMA. Furthermore, if SNAP’s stock price manages to exceed the 50-day EMA, it could experience a significant upward move towards $12.00 in the near future.</p> 
<p>Over the past month, SNAP shares initially experienced a substantial decline, retesting the demand zone near $9.00. Since then, the stock has managed to retain its gains and is gradually recovering, with a target of reaching around $12.00.</p> 
<p>However, buyers need to overcome resistance levels at $10.50 and $11.00 to reach the $12.00 mark. Conversely, the downside is limited at $9.50, while the upside remains open at $12.00.</p> 
<p>As of the latest data, SNAP’s stock price is trading at $10.35 with a 2.27% intraday gain, indicating a bullish trend. Trading volume has increased by 2.89% to 20.897 million, and the market capitalization stands at $16.796 billion.</p> 
<p>It’s worth noting that analysts have maintained a neutral rating for SNAP stock and suggested a price target of $9.93, a level that the stock has already surpassed in recent sessions.</p> 
<p>Snap Inc. is known for its flagship product, Snapchat, a camera application that enables visual communication through short videos and images called Snaps. The company’s primary source of revenue is advertising.</p> 
<h2 class="wp-block-heading" id="strong-will-snap-stock-price-fill-gap-near-12-strong"><strong>Will SNAP Stock Price Fill Gap Near $12?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/aEnXGdwt6BFRtK7-BthL9m5iD8gSzysggXIA3elVkg4yzvNV_lNhIFoR6JF3YVmb1VrMGjim34R9gwviEnSNf-W1_b4lNqj2UD0-xkShWxVyhtfDJK4gQwhpKbbgVNkMTlzbT52do1xTwjpGDzSWiF0" alt="SNAP Inc. (NYSE: SNAP) Stock Picks Momentum After Bounce From $9"> 
  <figcaption class="wp-element-caption">
    Source: SNAP Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>Snap stock has recently shown a significant reversal on its daily charts, bouncing back from a crucial support level at $9.00. Over the course of the last three consecutive trading sessions, the<a href="https://www.thecoinrepublic.com/2023/08/18/will-snap-stock-price-drop-more-from-9-00-near-weekend/" rel="noopener noreferrer nofollow"> stock’s price</a> action has formed a pattern known as “three rising soldiers,” indicating a shift in control from sellers to buyers. This particular pattern strongly suggests the potential emergence of an uptrend in the near future.</p> 
<p>Notably, SNAP stock found solid support at the 38.2% Fibonacci retracement zone. This emphasizes the ongoing strength of buyers in the market and hints at their ability to revisit the $12.00 price level. At present, the stock is approaching the mid-level of the Bollinger Bands, as buyers make determined efforts to overcome the resistance at $10.50.</p> 
<p>Several technical indicators lend support to this bullish outlook. The RSI curve has climbed up from the oversold region, illustrating a bullish divergence. This indicates a positive outlook for the upcoming trading sessions.</p> 
<p>The MACD indicator has displayed a bullish crossover, with green bars appearing on the histogram. These signals suggest that buyers have not only preserved their recent gains but have also gained significant momentum in recent trading sessions.</p> 
<h4 class="wp-block-heading"><strong>Summary</strong>&nbsp;&nbsp;&nbsp;</h4> 
<p><a href="https://www.thecoinrepublic.com/2023/08/18/will-snap-stock-price-drop-more-from-9-00-near-weekend/" rel="noopener noreferrer nofollow">SNAP Inc. </a>has exhibited a notable reversal in its stock price, gaining considerable momentum on the charts. This reversal has allowed the stock to surpass the 20-day EMA. Notably, bulls in the market have displayed considerable strength and are setting their sights on filling the pending gap in the vicinity of the $12.00 price level. Additionally, the price action is showing a pattern known as the “rising three soldiers,” which is indicative of sustained buying momentum expected to persist in the upcoming trading sessions.</p> 
<p>To further extend these gains, buyers will need to overcome the resistance presented by the 50-day EMA. A successful breach of this hurdle could pave the way for an upward move toward the $11.00 swing level.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<p><strong>Support Levels:</strong> $10.00 and $9.00</p> 
<p><strong>Resistance Levels:</strong> $11.00 and $12.00</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author or any people named in this article are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.</p>

SNAP Inc. (NYSE: SNAP) Stock Picks Momentum After Bounce From $9

Table of Contents

Thecoinrepublic.com

Other articles published on Sep 1, 2023

Bitcoin's Decline Continues for Second Month Despite Grayscale Ruling

JOE Price Prediction September 2023 is JOE a good investment?

BCH Price Forecast 2023: Can Bitcoin Cash Thrust Like Rocket?

Crypto Market Analysis: September Signals Volatility, Santiment’s Analysis of Bitcoin’s Price Swings

SHIB Price Technical Structure Weakens But Bull Run Is Nigh

Justin Sun Tweets: Chinese Court Considers Crypto as Legal Property

Join our free newsletter for daily crypto updates!