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Facebook has more upside than Snap, two traders say. Here's the key level to watch

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Facebook or Snap?

This week analyst's from Wedbush breathed new life into the rivalry, downgrading Facebook on concerns around Apple's new privacy measures and upgrading Snap with a nod to its innovative platform and younger customer base.

Two market analysts would take the other side of the trade, they told CNBC's "Trading Nation" on Wednesday.

"I am friending Facebook and I would block Snap here," said Delano Saporu, founder and CEO of New Street Advisors Group.

"I think we're going to see ad revenue stay where it is, at least be maintained and obviously grow, but there's also a way for Facebook and a lot of these social media platforms to grow and diversify revenue."

Saporu cited Facebook's tests with Instagram badges, which users can buy to support creators on the platform.

"You're going to see social media platforms getting revenue from this as being the middle person," he said. "So, I think there's still room to grow for Facebook, obviously. Snap has had such a great run. I wouldn't be chasing it here."

The technical layout supports that call, said Matt Maley, chief market strategist at Miller Tabak.

"Both charts look pretty good, but I agree with Delano that Facebook has the most upside potential here," he said. "The stock's been stuck in a sideways range for eight months, and whenever you break out of a long-term range like that, it usually sees a good run."

Facebook did that last week, and though it has pulled back this week after getting slightly overbought, it could bounce back in a big way, Maley said.

"It may pull back a little bit below 300. That's OK. But if it breaks above that 315 level ... it's going to attract the kind of momentum money it hasn't seen in many months confirming the breakout and it's really going to skyrocket higher," he said.

Facebook closed more than 2% lower at $302.82 on Wednesday.

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