Accumulate

Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>SNAP stock price shows signals of bullishness near the demand zone.&nbsp;</a> </li> 
 <li> <span>2</span> <a>The bulls were accumulating near the demand zone to halt the decline and surge the price to higher levels.&nbsp;</a> </li> 
 <li> <span>3</span> <a>The daily chart shows that the stock price suffered rejection from the 50-EMA indicating the bears are still active near the upper levels.&nbsp;</a> </li> 
</ul> 
<p>Snap Inc. stock trades in a volatile zone with no clear trend at the moment. The weekly chart demonstrates that the price has been volatile forming a range of 40% for the last 4 quarters. The price has been maintaining a range with buyers-dominated level at $7.92 and sellers dominating at $12.&nbsp;</p> 
<p>The price maintained the same till the last quarterly results when the price surged from the support zone and made an attempt to break above the bearish zone of $12 and made a high of $13.89.&nbsp;</p> 
<p>However, the recent quarterly earnings triggered a gap-down of 12% thus pushing back the price in the zone again. Thereafter, the bears made aggressive positions on the short side; dragging the price back to the lower support zone.&nbsp;</p> 
<p>The daily chart shows that the bulls are accumulating at the lows to defend the support levels. The Snap price chart also shows trendline support to be favoring the bulls and the key moving average of 50-EMA favoring the bears. The price may remain volatile until it remains in the range.&nbsp;</p> 
<p>The analysts are offering a 1-year price forecast for SNAP stock which has a maximum estimate of $15 with a potential of 56% to the upside. The downside trend may experience a maximum drawdown of 37% which could drag the price to the $6 level.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/2Sk6yZCowwOBHd57dc1MHc8ZiK4YxneNwUQ5UAoe5BWQ5Ye48w0OvbnDUdwzsm9dflIPptU__9XkzKPinuAT1gXLeZwq_ACFI1on96vBryW8zRT7YAGovvBFJsDnrd07WY_t5EgtfufNChVSh9bWWX0" alt="Snap Stock Price Prediction: Can SNAP Price Surpass $10 Hurdle?"> 
  <figcaption class="wp-element-caption">
    Source: barchart.com 
  </figcaption> 
 </figure> 
</div> 
<p><a href="https://www.thecoinrepublic.com/2023/09/07/snap-stock-price-down-7-will-snap-inc-break-below-8-level/" rel="noopener noreferrer nofollow">SNAP stock</a> option-chain analysis states that the current implied volatility in the market is 46.47% with a decrement of 0.12% in the last trading session. The at-the-money strike price has 17,704 open contracts on the PUT side and 13,340 open contracts on the CALL side indicating the dominance of buyers at the current level.</p> 
<h2 class="wp-block-heading" id="strong-snap-stock-price-following-trendline-support-to-accumulate-bulls-strong"><strong>SNAP Stock Price Following Trendline Support to Accumulate Bulls</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/1mutk2WiAiFwSOLla1-lVjIpSpLENgSAP_a3uEwTxYhknNm9_AT5384d0EfjAveDX7E0zeAiXwYtr9zNHa0N18Hiu2NCsDqdKZtx80dHSX2PH3aHXu6kcKZzMw69_Xkvglm9YMTr2TQU_HwvO0MtRPc" alt="Snap Stock Price Prediction: Can SNAP Price Surpass $10 Hurdle?"> 
  <figcaption class="wp-element-caption">
    Source: Snap Inc. 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The SNAP stock price currently trades at $9.58 with an intraday gain of 1.48% on Tuesday, September 12th.&nbsp;</p> 
<p>The market structure shows that the bulls are trying to defend their levels to keep the price at the upper levels. The option chain data shows the accumulation of the bulls at the current level. The bulls are showing accumulation near trendline support to defend the current level and surge the price higher.&nbsp;</p> 
<p>The stock trades below the key moving average of the 200-day EMA indicating a downtrend prevailed in the long-term. Bulls must surpass the key moving averages to shift the overall trend. The breakdown of the lower trendline might trigger long unwinding among the buyers and the price may decline to the lower demand zones.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-snap-stock-price-showed-rejection-from-50-ema-strong"><strong>SNAP Stock Price Showed Rejection&nbsp; From 50-EMA&nbsp;</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/vqbePlH_F4Amip0LGTFoS1ZGFZwyyJuE0Vbm4kyFKzpe8NUF8-f3ZZjFrUBvMzpHnLPZ-QmP4bAWlAYXAFiREmeGBPnUrxsfJmfSJocqAkU3usmzOmVUqezx4BjmKWuHORueTnNrFmCx9MX_458xCSE" alt="Snap Stock Price Prediction: Can SNAP Price Surpass $10 Hurdle?"> 
  <figcaption class="wp-element-caption">
    Source: Snap Inc. 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The daily <a href="https://www.thecoinrepublic.com/2023/09/07/snap-stock-price-down-7-will-snap-inc-break-below-8-level/" rel="noopener noreferrer nofollow">SNAP stock price</a> chart shows that the price suffered rejection from the 50-EMA indicating the sellers dominating in the short-term. The price needs more buyers to surpass the moving averages.&nbsp;</p> 
<p>The overall technical opinion rating of RSI and MACD is signaling a 40% “sell” rating with a weakening short-term outlook on maintaining the current direction.&nbsp;&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Snap Inc. (SNAP) stock is trading in a range between $7.92 and $12 for the last 4 quarters. The price failed to break above $12 after the last quarterly earnings and fell back to the lower support zone. The bulls are accumulating near the trendline support to push the price higher.&nbsp;</p> 
<p>The stock is below the 200 EMA, indicating a long-term downtrend. The analysts predicted a maximum upside of 56% and a maximum downside of 37% for the next year. The price may remain volatile until it breaks out of the range.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support levels:</strong> $9.03 and $7.92</li> 
 <li><strong>Resistance levels:</strong> $10.55 and $11.37</li> 
</ul> 
<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 do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss</p>

Snap Stock Price Prediction: Can SNAP Price Surpass $10 Hurdle?

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