The post AI predicts Nio stock price for January 1, 2024 appeared on BitcoinEthereumNews.com.

For electric vehicle (EV) manufacturer Nio (NYSE: NIO), 2023 was marked by a challenging landscape stemming from stalling production growth and heightened competition.  Intensifying competition from Chinese EV rivals and the ongoing pricing war led by Tesla (NASDAQ: TSLA) exerted substantial pressure on the EV startup. Despite reporting narrowed losses in its latest quarterly report, Nio’s subdued revenue forecast, falling below market expectations, deepens uncertainties surrounding the stock.  Seeking insights into its near-term share price trajectory, Finbold employed quantitative analysis on December 14, tapping into the predictive power of CoinCodex’s artificial intelligence (AI) algorithms.  The prediction AI-powered algorithms on the CoinCodex platform predict NIO’s shares to stand at $5.94 apiece, which signals a potential downside of nearly 25% from the current price level.  CoinCodex’s NIO stock price prediction for January 1, 2024. Source: CoinCodex The algorithms expect that decline to deteriorate even further in a month from now, to $4.35, suggesting a challenging near-term outlook for the EV stock. However, the long-term estimates are not as bad, particularly the 12-month price target, which forecasts NIO’s resurgence to above $16. NIO stock technical analysis At the time of publication, US-listed shares of Nio were sitting at $7.78, following a strong market open of +4.6% on Thursday. At this current level, the carmaker’s stock is positioned above strong support at around $7. Losing this key threshold would allow the bears to push the stock toward the next support lines at $6.5 and $5.5, levels not seen since June 2020.  NIO technical analysis chart. Source: TradingView On the upside, the stock faces a near-term resistance area between $8.27 and $8.5. Clearing this hurdle would pave the way for buyers to propel the stock toward the next significant price area between $9.19 and $9.44, where 200-day and 100-day moving averages (MAs) are located, respectively. …

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Filed under: News - @ December 14, 2023 6:10 pm