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Snapchat Shows Signs of Potential Rebound Amid Bearish Trends
In a recent development, social media giant Snapchat ($SNAP) has started to exhibit signs of potential recovery amidst bearish trends. According to the TD Sequential indicator, there is a possibility of a rebound on the weekly chart.
Following a sharp 9.16% decline, which saw the stock close at $8.83, some analysts are suggesting that the bearish momentum could soon exhaust, potentially leading to a trend reversal or relief rally. However, it’s essential to note that the company is currently trading below a critical resistance level of $10.00.
The TD Sequential indicator has flashed a red “9,” which historically often precedes a trend reversal or a relief rally. Despite this, the stock remains under significant pressure from sellers, with the price forming lower highs and lower lows. This has resulted in a descending trendline acting as resistance, hindering any attempts at a breakout.
Moreover, recent candlestick patterns have confirmed that selling pressure is still dominant, but if buyers step in, it could lead to a bounce. It’s essential for investors to monitor closely the next price moves.
In addition to the weekly trends, intraday movements also show increased volatility. Snapchat’s stock experienced sharp and unpredictable movements between March 12th and March 13th, with a blue trendline indicating significant upward and downward fluctuations. On the other hand, the green trendline represents a wider overall trend.
During this period, the price initially spiked in the early hours before experiencing a steady decline throughout the day. The stock then attempted to recover but struggled to maintain gains after noon. As the day drew to a close, bearish momentum intensified, resulting in one of the lowest closing values recorded.
Increased volatility serves as a strong indication that the market is facing uncertainty.
Source: https://cryptonewsland.com/snapchat-shows-signs-of-potential-rebound-amid-bearish-trends/
