Since July 21, Shiba Inu's price has climbed 5.95%, owing the positive return to the 11.22% price gain on July 21 as the return from July 22 is -4.74%. The return stands in stark contrast to the 40% gains logged by Bitcoin BTC, Ethereum, and other altcoins.
The negative deviation of SHIB price and increasingly tighter price action just above the critical May 19 low of $0.00000607 level, but below the falling 50-day SMA, has pushed the 20-day Bollinger Band Width to its lowest reading.
The notable price compression reveals that Shiba Inu is near a sharp move in the coming days. With the general trend being down and confirmed by the declining 50-day SMA, there is a high probability that Shiba Inu's price will register a daily close below the May 19 low soon. A definitive close below the tactically important support level should introduce a sharp move to the lower line of the descending parallel channel around the price of $0.00000333, equaling a 45% decline from $0.00000607.
Shiba Inu's price is at a crossroads in its short life. However, the lack of interest in the eToro announcement, the absence of social media volume, the rapid descent of the ShibaSwap DEX TVL, and a SHIB price structure that is definitively tilted to bearish outcomes places Shiba Inu in a vulnerable position moving forward.
The latest Daily Active Addresses metric published by Santiment shows that the number of unique addresses involved in SHIB coin transactions daily continues to decline from the early July spike when ShibaSwap went live. The relentless fall has pushed the 7-day moving average to the lowest reading since early May, signaling that the daily level of crowd interaction or price speculation with the token has erased the spike associated with the jump in Shiba Inu price in early May.
Shiba Inu price still has not found a catalyst, raising doubts for the meme token
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