Shiba Inu Price Prediction: Range Resolution Determines Direction

The SHIB/USDT pair remains flat, which is why the Shiba Inu price predictions do not have a clear direction at the moment. It would appear that the market is waiting for the Merge upgrade of the Ethereum blockchain to determine what next to do about price direction. 

This morning’s major news for the Shiba Inu community is that an Ethereum whale has sold $2.26m worth of Shiba tokens. The 183,000,000,000 Shiba Inu token sale was done in two separate transactions in the last 24 hours, according to data from Etherscan.io.

If anything, this sale capped the advance on the SHIB/USDT pair. Shiba Inu remains the second biggest holding of this unidentified whale, who is also said to be the 6th largest Shiba Inu token holder. There are still 23.81 trillion tokens in this whale’s possession. 

From a technical analysis standpoint, the SHIB/USDT pair remains stuck in a range. Any Shiba Inu price predictions would have to depend on the token breaking out of the range in one direction or another. 

Shiba Inu Price Prediction

The price action remains within the range bordered by 0.00001387 (ceiling) and 0.00001190 (floor). The price action must breach the ceiling to create a pathway to the north, targeting the 11 May high at 0.00001683 initially.

Above this level, the 0.00001810 resistance (10 May high and 14 August high) becomes an additional target to the north. The 27-30 January 2022 lows at 0.00002010 form another northbound target before the bulls will make the 0.00002200 psychological barrier (5 May 2022 high) and the 0.00002347 milestone additional harvest points. 

This outlook is negated if the price action breaks the 0.00001190 support, targeting the 0.00001013 price mark (27 May 2022 and 13 July 2022 lows) as the initial downside target. If the bulls fail to defend this support pivot, the pathway will become clear for a push to the south that targets the 0.00000745 support level (13 June 2022 low). Below this level, 0.00000661 forms another southbound target.

SHIB/USDT: 4-hour Chart