To The Moon

Meta announcing it will introduce virtual tokens and currency for use in the metaverse, internally dubbed “Zuck Bucks”, is an attempt to generate alternative revenue streams to counter over-reliance on ad-sales. After its share price dropped 30% YTD, it’s probably hoping this can be the catalyst to revive its price from the doldrums. This is actually Meta’s 3rd attempt at virtual currency or similar, after Facebook Credits in 2009 and Libra/Diem in 2019/20 failed to take off. Would it be 3rd time lucky? Looking at Weekly chart (below), noticed that price is currently sitting not far off the longer term 200 MA at $223.3. Twice previously, in 2019 and 2020, prices rebounded strongly at this trend line (see purple circles) and “rocket up” strongly. Would it be 3rd time lucky as well, and we see Meta’s price staging a strong rally on the back of “Zuck Bucks”? I’m inclined to think so, as although 'history does not repeat itself, it rhymes’, that is, while not the same, similar patterns as those in the past will re-occur. So, looking at possible long entry for $Meta Platforms, Inc.(FB)$ when price rises more, and is supported above 200 MA around $235-248 with first target around $268-300 zone.