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Meta Platforms (FB), Facebook’s newly formed parent company, has struggled over the past month, in a record-breaking market cap decline of nearly $232 billion. The sell-off was mainly triggered by its weak guidance and forecast of Q1 2022, they estimated revenue growth to be only between 3%-11%. In addition, they reported the first drop in their daily active users, which marked the first drop in its 18-year history.
Despite the recent price drop in Meta’s stock price, its outlook remains positive, the company has an excellent record of delivering solid financial results. More importantly, the company did a major rebranding to align itself with its future ambitions and goals to build and develop its Metaverse platform. According to estimates by leading financial institutions like Goldman Sachs, it is estimated that the total addressable market of the Metaverse is worth between 8-12 trillion dollars and the company has already positioned itself to be the leading name and has already spent billions of dollars in its efforts to build its Metaverse platform.
Even though their most recent quarterly report shifted market sentiment, the recent drop in Meta Platforms stock price could potentially be a unique and excellent buying opportunity for investors and traders to generate superior returns. Mark Zuckerberg, Facebook’s CEO has been a leading voice on the “Metaverse”, which the tech giant sees as the future of the internet. However, some may argue that this could be the beginning of the end for Meta platforms as it steers away from its core business into the virtual world. We’ve recently witnessed a few downgrades from financial institutions like JP Morgan that stated it is “embarking on an expensive, uncertain, multi-year transition”.
Meta Platforms’ major long-term trend line has been broken and has tried numerous times to regain a position back above the trend line but failed due to lack of buying volume and bullish sentiment. It has broken all key levels including the 50-day SMA and the 200-day SMA, the next key support level is at $200, and RSI levels remain oversold. If broken, bearish pressure will likely continue and target the next support level of $160. For Bulls to take back control, they will need to try and break the resistance level of $240 to regain momentum, however, we will need to see a fundamental shift in the company before witnessing a strong reversal.
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