Shiba Inu Price Forecast: 4,980 SHIB traders buying the dip, December rally ahead?

Shiba Inu Price Analysis: 

Shiba Inu price has been on a steep 17% downtrend in the last 2 weeks plunging as low as $0.000024 on Thursday, November 28. On-chain data trends shows a large number of new entrants buying SHIB amid the market dip.

Is SHIB price setting up for a major breakout in December?

Shiba Inu price consolidates amid DOGE dominance

With the likes of Dogecoin and Solana memes dominating media trends, Shiba Inu price has underperformed since Trump’s re-election.

The confirmation of the Department of D.O.G.E, and the growing popularity of newly-launched Solana memes like CHILLGUY, and PNUT in recent weeks has taken media spotlight away from Shiba Inu, causing the world’s largest memecoin project to lose market share.

Looking at the chart above Shiba Inu price has witnessed a 20% dip in the last week. Since reaching a monthly timeframe peak of $0.000031 on November 12, SHIB price has retraced 20% to find support within the $0.000024 – $0.000026 narrow channel.

Meanwhile during that period, Dogecoin price has hit a new 3-year peak, while Solana memes like BONK, PNUT and Chillguy advanced to new all-time highs.

4,980 SHIB traders spotted buying the dip 

However, with tides shifting within the memecoin market, Shiba Inu’s multi-week stagnation appears to be attracting attention of strategic traders looking to buy-in at market lows.

Affirming this stance, IntoTheBlock’s chart below tracks the number of zero balance address metric tracks the rate at which new market entrants are funding their SHIB wallets. This serves as a proxy for tracking new-users’ buy/sell activities around key market events.

The chart above shows that zero balance SHIB wallets rose to 7,020 on November 10. When, such spikes occur near market tops, it implies a large number of existing users sold-off all of their holdings, cutting their balances to zero. Unsurprisingly Shiba Inu price began to fall on November 12, just 48-hours after the spike in 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 movement, despite positive sentiment from key events like Gensler’s exit confirmation and MicroStrategy’s $11.4 billion buying spree.

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

The latest data shows that Shiba Inu’s has seen a steep drop in zero-balance addresses, suggesting that new entrant, and traders who emptied their wallets selling at the top have started to buy-in again.

At press time, Shiba Inu zero-balance addresses count has dropped to 2,040 wallets. Essentially, this shows that 4,980 empty wallets have acquired SHIB in the last two-weeks, capitalizing on the dip, to buy-in at low prices.

Historical data, shows that when large number of traders re-activate their wallets during a dip, its often precursor to a major bullish price reversal. The increased capital inflows, enhances liquidity and absorbs sell-pressure.

Shiba Inu Price Forecast: $0.000030 breakout ahead

If downtrend in SHIB zero-balance addresses persists, it could potentially trigger a rapid breakout towards $0.0000030 in the days ahead. Two vital technical indicators also support this optimistic Shiba Inu price outlook.

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

Likewise, the Accumulation/Distribution Line (ADL) confirms this trend, as it has steadily climbed, signaling increasing accumulation by market participants.

If SHIB maintains momentum above $0.00002500, a retest of the KC upper boundary at $0.00002893 could follow. Breaking this resistance could pave the way for a rally toward the psychological $0.000030 mark.

Conversely, a breach below $0.00002414 may lead to a retest of $0.00001936, the lower channel boundary. However, with growing buying pressure and decreasing zero-balance wallet addresses, SHIB appears poised for a bullish trajectory, targeting a breakout above $0.00002893 in the near term.