Shiba Inu (SHIB) has seen a drop in value In a week where the cryptocurrency market has experienced notable price declines.
However, in a surprising turn of events, its investors have demonstrated resilience and held onto their dear meme coin, resisting the temptation to sell at the first sign of a dip.
This HODLing strategy serves the dual purpose of generating profits while also promoting stability for the altcoin.
But with market volatility always around the corner, can Shiba Inu continue to count on its steadfast investors to weather the storm?
Shiba Inu: Breaching Resistance Level
At a mere fraction of a cent, Shiba Inu’s price on CoinMarketCap stands at $0.00001043, with a 2.19% rally over the last 24 hours, bringing a glimmer of hope to its investors.
Source: CoinMarketCap
However, this uptick comes after a 10.24% decline over the past seven days, leaving SHIB holders to wonder whether this brief surge is a blip on the radar or a sign of a more significant market reversal.
For almost two months now, Shiba Inu’s price has been struggling to break through a critical resistance level at $0.00001169.
SHIB total market cap $6 billion on the daily chart at TradingView.com
The significance of this level is that, if SHIB manages to flip it into support, it could trigger a much-awaited recovery to $0.00001200, which is the price point that most investors have been hoping for.
The reason for this prolonged wait is that investors who purchased their SHIB between $0.00001100 and $0.00001400 are eagerly anticipating a profitable return on their investment once the aforementioned resistance level is breached.
This represents over 250 trillion SHIB, valued at a whopping $2.59 billion at current prices, with an average purchase price of $0.00001200.
As such, breaking through this resistance level is not just a matter of technical analysis but has real implications for a large number of investors.
Investors’ Faith In Shiba Inu Remains Strong
Despite the prolonged battle to breach the resistance level, and the 10.45% decline the meme coin sustained in the last week, investors have confidence in the Shiba Inu price to chart a recovery soon.
Shiba Inu investors appear to be holding strong and maintaining faith in the altcoin’s potential, as shown in the graph below.
Many are encouraged by the fact that, even during periods of market downturn, SHIB has demonstrated resilience and managed to hold onto some gains.
While there are no guarantees in the volatile world of cryptocurrency, Shiba Inu’s continued efforts to break through the resistance level, combined with its strong community support, suggest that there may be positive days ahead for the meme coin.
As such, it will be interesting to see how the coming weeks and months unfold for SHIB and its massive fan base.
-Featured image from Sam Lion/Pexels