Abstract:The newest social media platform just released, and the Internet is jumping ship. Dubbed as the “Twitter Killer”, Threads is a text-based social media app launched by META.

The newest social media platform just released, and the Internet is jumping ship. Dubbed as the “Twitter Killer”, Threads is a text-based social media app launched by META.
Mark Zuckerberg revealed that the novel app, Threads, attracted five million signups within its first four hours of launch - an intriguing beginning that piques investor interest. In contrast, Twitter holds a steady user base of 250 million.
The accessibility of Threads plays a significant role: anyone with an Instagram account, which numbered around 2 billion by the end of 2021, can readily establish a Threads account. As such, the ensuing weeks present a captivating spectacle for traders and META. The pressing question is: Can they entice a critical mass of signups, enough to drive META's share price upwards?
Twitters problems compounded
On 3 July, billionaire and owner of Twitter, Elon Musk announced that they would be putting a limit on the number of tweets a user can see per day. This has sparked backlash across the Twitterverse, just another issue from a growing pile of problems.
With Twitter facing multiple concerns from its users, METAs timing could not be more perfect. Advertisers that left Twitter due to its policies and dying userbase now have a new platform to engage new audiences.
What is Threads?

Threads is a social media platform built by the Instagram team within the META ecosystem. According to META, it is a space primarily intended to share text-based updates and join public conversations. To join Threads, you need to log in using your Instagram account.
Posts can be up to 500 characters long and include links, photos, and videos up to 5 minutes in length.
In a Threads post, Zuckerberg said: “I think there should be a public conversations app with 1 billion+ people on it. Twitter has had the opportunity to do this but hasnt nailed it. Hopefully we will.”
How has Threads affected METAs stock price?
On July 6, the launch of the new app helped META push above the upper limit of a 17-day price range, and the price was up by 7.95% from its June 26 low in the pre-market. The move higher happened amid selloffs in the general stock indices on both sides of the Atlantic.
Traders looking to take advantage of the launch of the new app would need to thread carefully as the META share price was up by 236% from its 2022 low of $88.96. But it still had a 28.90% upside before reaching its all-time high of $384 set in 2021.
Since the 2022 low, the META experienced four 6-8% price corrections and one more significant slide of 15% following the Q4 2022 earnings report. Another earnings report is due around July 26.
If we assume that the price will not experience price corrections of more than 6% to 8% ahead of the July 26 earnings report, then the price should not trade below the June 15 low of $271.31 as that would be a 9.3% slide from the current price in the pre-market.
I suspect traders will buy dips in META using the above-mentioned price level as a stop loss and trend-defining level.
The prior resistance level, the June 26 high of $290, and the same level that capped gains in the share price between June 16 to July 3, will probably be used to buy the dip.
The next significant resistance level and potential take-profit level is the February high of $327, followed by the November 15, 2021, high of $354.



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