The chart above shows that the number of SHIB wallets with zero balance increased to 7,020 on November 10th. When such spikes occur near market highs, it means that a large number of existing users have sold all of their holdings and reduced their balances to zero. Unsurprisingly, Shiba Inu price started falling on November 12th, just 48 hours after the zero balance address surged.

This sell-side pressure partly explains why SHIB price failed to make a decisive breakout above $0.000030 on November 12 and remained in a sideways move despite the positive sentiment from key events such as the confirmation of Gensler’s exit and the wave of buying from MicroStrategy valued at $11.4 billion.

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

The latest data shows that Shiba Inu’s is seeing a sharp decline in zero balance addresses, suggesting that new entrants and traders who have emptied their wallets and are selling at the top have started buying in again.

At press time, the number of Shiba Inu zero balance addresses has dropped to 2,040 wallets. Essentially, this shows that in the last two weeks, 4,980 empty wallets purchased SHIB to take advantage of the decline and buy in at low prices.

Historical data shows that the reactivation of a large number of traders during a decline is often a harbinger of a significant bullish price reversal. The increased capital inflows increase liquidity and absorb selling pressure.

Shiba Inu price prediction: $0.000030 breakout ahead

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

The Keltner Channel (KC) shows SHIB trading within a consolidation range, with critical support at $0.00002414 aligned with the channel’s centerline. This level has held steady despite recent declines, demonstrating resilience and strong buyer interest.