Will NIO Stock Price Return For $15 Mark From Here?

NIO stock price may rebound from the lowest level to reach the $15 mark as it breaks out of the primary resistance level. However, NIO shares declined from the $16.20 peak and stuck inside the consolidation phase. Now buyers need to accumulate at a higher rate in order to push NIO price upwards. However, volume change is below average and needs to grow during Tuesday’s trading session.

NIO share price slipped on Monday’s trading session under the influence of sellers’ and may initiate its recovery on Monday. Investors in Nio Inc. – ADR (NYSE: NIO) needs to wait for any directional change over the daily time frame chart.

NIO stock price was at $8.34 and lost 4.34% of its market capitalization during Monday’s trading session. Trading volume was below average and needs to grow during Tuesday’s trading session. This demonstrates that buyers need to accumulate at a higher rate in order to push NIO shares upwards and register its breakout from the primary resistance level. Nio has been consolidating inside the price range of $8.00 and $9.55.

NIO Stock Price Roadmap to $15

NIO stock price has been declining since August 2023 and is stuck inside a consolidation phase over the daily time frame chart. However, NIO shares are preparing to rebound from the lower price range of the consolidation phase and march towards the $15 mark as soon as it breaks out from the upper threshold of the consolidation phase. Meanwhile, NIO shares slipped below 20, 50, 100 and 200-days daily moving average.

NIO stock needs to break out from the upper price range of the consolidation phase that is $9.55 and sustain there to maintain in the recovery phase. After that NIO share price must approach the $11.30 and continue its recovery towards the $13.26 mark following mild consolidation. However, sellers may approach in between to short the market for NIO shares.

The bleeding past of NIO stock confirms the struggle of investors in NIO stock. NIO stock price declined by 6.29% in a week and 17.10% in a month. Moreover, NIO share price slipped by 23.91% in the last three months and 12.76% in the last six months. In addition, the stock slumped around 18.32% year to date. This shows that 2023 has not been that good performance wise for NIO.

Technical indicators suggest the downside trend of Nio stock price. Relative strength index (RSI) confirms the fall of NIO shares. RSI was at 35 and is heading towards the oversold territory. Investors in Nio Inc – ADR (NYSE: NIO) need to wait for any directional change over the daily time frame chart.

Summary

NIO stock price may rebound from the lowest level to reach the $15 mark as it broke out of the primary resistance level. NIO stock needs to break out from the upper price range of the consolidation phase that is $9.55 and sustain there to maintain in the recovery phase. Technical indicators highlight the downside trend of Nio stock price.

Technical Levels

Support Levels: $8.00 and $7.65

Resistance Levels: $9.00 and $9.55

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 crypto or stock comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing