The analysis indicates that NIO is currently experiencing significant downward pressure from sellers, with current price action around $4.710. Historically, key support levels, such as $4.461, have previously acted as catalysts for notable upward movements, termed 'second leg breakouts'. However, recent buyer attempts to initiate a bounce, marked by a green hammer candle, appear to be insufficient against the prevailing bearish sentiment. A prior bullish surge, yielding approximately 17% over three days, was met with strong resistance at $5.375, leading to an aggressive downward rejection and subsequent price consolidation within a range. The analysis highlights declining trading volume, suggesting a lack of strong buyer conviction necessary for a sustained reversal. The immediate prediction is a further decline to test the $4.461 support level. Should this critical support fail to hold, the analysis forecasts a potential full retracement toward $3.383. Conversely, a sustained break above the $5.375 resistance level would invalidate the current bearish outlook.