Don't forget, there are many investors that bought this during its runs over $1. Many have held, and brought their avg down over time. I don't think they are going to be shaken.
Head...You are correct....and many of those who averaged down are tapped out and can't add at these levels. I would venture to say, some are holding because they are in a 'have to' situation....too far into the red and are willing to risk it all than sell at this time and take a substantial loss only to watch the SP spike to +5.00 range on great news....all IMO
PxP