Last updated on November 4th, 2024 at 04:45 am
Shiba Inu Hodlers Price – The value of Shiba Inu (SHIB) has decreased. During a week in which the price of cryptocurrencies fell noticeably.
However, in an unexpected turn of events, its investors have proven their fortitude by hanging onto their beloved meme coin and restraining themselves from selling at the first indication of a decline.
With this HODLing approach, you can make money while advancing the stability of the alternative currency.
But given that market volatility is a constant threat, can Shiba Inu still rely on its loyal investors to withstand the storm?
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Shiba Inu Breaks Through Resistance Level, Signals Potential Bullish Trend
SHIB holders are unsure whether this brief gain is a fluke or a precursor to a more major market reversal because this uptick follows a 10.24% fall over the previous seven days.
Shiba Inu’s price has been unable to overcome a crucial resistance level at $0.00001169 for almost two months.
This level is significant because, if SHIB is able to turn it into support, it might start the long-awaited recovery to the price that most investors have been waiting for, which is $0.00001200.
Investors who bought SHIB between $0.00001100 and $0.00001400 are impatiently anticipating a positive return on their investment once the aforementioned resistance level is broken, which is the cause of the protracted wait.
This amounts to almost 250 trillion SHIB, with an average purchase price of $0.00001200 and a staggering value of $2.59 billion at today’s values.
Because of this, breaking over this resistance level has significant consequences for many investors and is not merely a technical analysis issue.
Shiba Inu Investor Confidence Remains Steadfast Amid Volatility
Investors are confident that the Shiba Inu price will soon begin to recover, despite the protracted struggle to break through the resistance level and the 10.45% loss the meme currency suffered in the past week.
According to the graph below, investors in Shiba Inu seem to be staying firm and continuing to believe in the potential of the altcoin.
Many people find comfort in the fact that SHIB has shown resiliency and kept part of its gains even during times of market depression.
Although there are no assurances in the unreliable world of cryptocurrencies, Shiba Inu’s persistent attempts to break through the resistance level and its strong community backing imply that the meme coin may have better days ahead.
As a result, it will be intriguing to observe how SHIB and its sizable fan following fare in the upcoming weeks and months.
