Shiba Inu Price Forecast: 4,980 SHIB Traders Buy The Diver, December Rally Ahead?

On By Littum

Shiba Inu price vs. zero-balance addresses | Source: IntoTheBlock

The chart above shows that zero balance SHIB wallets rose to 7,020 on November 10th. When such increases occur near market tops, it implies that a large number of existing users have sold all their holdings and reduced their balance to zero. Not surprisingly, the Shiba Inu price began to fall on November 12, just 48 hours after the increase in the zero balance address.

This sell-side pressure partly explains why SHIB price failed to stage a decisive breakout above $0.000030 on November 12 and remained stuck in sideways moves, despite positive sentiment from key events such as Gensler’s exit confirmation and MicroStrategy’s buying spree on 11.4 billion dollars.

However, trends observed this week suggest that a bullish SHIB price reversal may be imminent.

The latest data shows that Shiba Inus has seen a steep drop in zero-balance addresses, suggesting that newcomers and traders who emptied their wallets and sold at the top are starting to buy back in.

At press time, the number of Shiba Inu zero balance addresses has dropped to 2,040 wallets. Basically, this shows that 4,980 empty wallets have acquired SHIB in the last two weeks, taking advantage of the dip to buy in at low prices.

Historical data shows that when a large number of traders reactivate their wallets during a dip, it is often the precursor to a larger bullish price reversal. The increased capital inflow increases liquidity and absorbs selling pressure.

Shiba Inu Price Forecast: $0.000030 Breakout Ahead

If the downtrend in SHIB zero balance addresses continues, it could potentially trigger a quick breakout towards $0.0000030 in the coming days. Two vital technical indicators also support this bullish Shiba Inu price outlook.

Keltner Channel (KC) reveals that SHIB is trading within a consolidation range with critical support at $0.00002414, aligned with the center line of the channel. This level has held despite recent pullbacks, showing resilience and strong buyer interest.