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- NIO stock price has seen a drop of more than 25% in a downtrend from $14 and is gathering support near $10
- NIO stock price has been trying for a breakout to a new high. It is trading near the value of $10.1
NIO Inc – ADR (NYSE: NIO) is a Chinese electric vehicle (EV) manufacturer that was founded in 2014. NIO’s stock has been a topic of interest in the financial world in recent years, as the company has shown impressive growth and potential in the rapidly expanding EV market.NIO’s stock price has seen significant fluctuations since its initial public offering (IPO) in 2018, but overall the trend has been upward. In 2020, NIO’s stock price surged more than 1,100% as the company reported strong sales figures and received positive analyst coverage.
The stock price fell sharply in early 2021 due to concerns over supply chain disruptions and increased competition in the Chinese EV market. Despite these short-term fluctuations, NIO’s long-term growth potential remains strong. The company has a solid track record of producing high-quality EVs that are popular among consumers in China, and it has ambitious plans to expand internationally. NIO is also investing heavily in research and development to improve its technology and increase its production capacity.
NIO has a market cap of $17 Billion and has a negative EPS. Various analysts are expecting strong growth in the near future.
Is NIO Stock Price Ready For A Bounceback?
Technical indicators of NIO Stock price are favoring a consolidated trend in price. The weekly technical chart of the NIO price suggests a downside trend in price. On the daily chart it is trading near the value of $10 with a minimal gain. Resistance of the NIO stock price can be seen near the value of $15. NIO stock price has been slipping inside the horizontal range-bound area and has sank during last week. The support of the NIO can be seen near the value of $8.It is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the asset price to a new low in the future.
RSI of the NIO stock is currently near 38 suggesting its presence in the overbought zone.There is a negative slope suggesting a downside trend in price.
Conclusion
NIO stock price has dipped after starting its downside streak and has been trying to remain above $10 support level to revert back. NIO share price is currently in a consolidated trend but can see an upside trend in the near future.
Technical Levels
Major Support: $8
Major Resistance: $18
Disclaimer
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Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
