I'm not at all bullish on the fundamentals behind NIO, its debt load, or the Chinese economy.
Which is why there's a possibility this could rally and rally hard. It has the look of a chart with simply no more sellers. From its lows it popped $1.40 from a $2.50 price. I wouldn't be surprised if it performs another 50% pop, perhaps to remind people that it still exists.
What's interesting is that this current consolidation is over a support level at $3.30.
A purely technical long can be played with a tight stop at $3.25.