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- NIO stock price might rally from the lowest level escaping the consolidation phase according to the analysts.
- NIO share price tried to gain upside momentum on Tuesday’s trading session but the tug of war between bears and bulls left NEO with comparatively lower dominance.
- Nio Inc – ADR (NYSE: NIO) stock has been falling from September 2022 and is stuck inside the consolidation phase by October 2022.
NIO stock price has been trying to acquire the uptrend momentum to surge towards the upper price range of the consolidation phase. NIO share price needs to attract more buyers to rise from its own ashes. Nio Inc has showcased its potential during its Rally in 2020 and analysts do believe that NIO stocks might mimic the rally from 2020 to 2023 to surge from the lowest level over the daily time frame chart. NIO shares have been sideways inside the horizontal range-bound area and have been waiting for its escape.
NIO stock price was at $18 and has gained around 1.50% of its market capitalization during Tuesday’s trading session. With a huge market capitalization of 15.404 billion the NIO shares might get stability as there are investors and some analysts also speculate that NIO share price might recover maximum during 2023.
NIO stock price needs to register its recovery from the horizontal range-bound area in the demand zone over the daily time frame chart. Nio Inc’s (NYSE: NEO) share price needs to attract more buyers during Wednesday’s trading session to surge towards the upper price range and maintain the bullish start. However, volume change can be seen declined below average and needs to grow exceptionally well during Wednesday.
NIO share price has declined below 20, 50, 100 and 200-days Daily Moving Average.
NIO Stock Price Bounce Back Expected?
NIO stock price might rally maximum during 2023, says analysts. In addition some reports also suggest the same, if NIO shares rally out of the consolidation phase. By getting its demands fulfilled in the demand zone NIO stock might surge out of the horizontal price range to reach $20 with a move of more than 100% by next week.
Technical indicators suggest the sideways momentum of NIO stocks over the daily time frame chart. Relative Strength Index showcases the consolidation phase of NIO. RSI was at 40 and is flat below neutrality. MACD also confirms the consolidating state of NIO share price. The MACD line is flat above the signal line with no sign of any crossover lately. Investors in NIO stocks need to wait until the NIO stock price starts gaining towards the upper price range at $12.50 and might hold their respective position.
Summary
NIO stock price has been trying to acquire the uptrend momentum to surge towards the upper price range of the consolidation phase. NIO share price needs to attract more buyers to rise from its own ashes. However, volume change can be seen declined below average and needs to grow exceptionally well during Wednesday. Technical indicators suggest the sideways momentum of NIO stocks over the daily time frame chart. Investors in NIO stocks need to wait until the NIO stock price starts gaining towards the upper price range at $12.50 and might hold their respective position.
Technical Levels
Resistance Levels: $10.00 and $9.50
Support Levels: $12.50 and $20.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading any stock or crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
