NIO stock price has dipped around 20% after starting its declining streak and has been trying to remain above $10 support level to revert back. NIO share price has been consolidating inside the horizontal range bound area as buyer’s couldn’t keep up the pace and sellers continued to raid the NIO stocks. However, technical analysis highlights that the NIO stock price might revert back towards the recovery phase as it sustained above $10 level. NIO Inc’s (NYSE: NIO) stocks might start to revert back and surge towards the upper price range during this week. Nevertheless, NIO stocks have been facing backlashes from September 2022 and the NIO stocks have sank around 50% during the period of six months.
NIO stock price was at $10.38 and has gained around 0.68% of its market capitalization during the day’s trading session. With a huge market capitalization of 15.627 billion the NIO shares might get stability as there are believers and some analysts also speculate that NIO share price might recover maximum during 2023.
NIO stock price has been slipping inside the horizontal range-bound area and has sank 4.98% during last week. Analysts believe that NIO share price might recover during this week and it might recover towards the upper price range of the consolidation phase. However, volume change can be seen below average and needs to grow under influence of bulls. Meanwhile, NIO share price has fallen below 20, 50, 100 and 200-days Daily Moving Average.
Is NIO Stock Price Ready to Revert Back?
Technical indicators suggest the sustainability issue of NIO stock price near the lower price range of the consolidation phase. Relative Strength Index showcases the consolidation phase of NIO shares. RSI was at 38 and was trying to bounce back towards neutrality. MACD exhibits the downtrend momentum of NIO shares. The MACD line is below the signal line after a negative crossover. Investors in NIO shares need to wait until the NIO stock price surges back towards the upper price range and might rally as soon as it breaks out.
Summary
NIO stock price has dipped around 20% after starting its declining streak and has been trying to remain above $10 support level to revert back. NIO share price has been consolidating inside the horizontal range bound area as buyer’s couldn’t keep up the pace and sellers continued to raid the NIO stocks. However, volume change can be seen below average and needs to grow under influence of bulls. Technical indicators suggest the sustainability issue of NIO share price near the lower price range of the consolidation phase. Investors in NIO shares need to wait until the NIO share price surges back towards the upper price range and might rally as soon as it breaks out.
Technical Levels
Resistance Levels: $11.00 and $12.50
Support Levels: $10.00 and $9.50
