Shiba Inu price continues to extend its losses today, July 30. It trades at $0.00001266 with a 4.95% decline in 24 hours. Amid these losses, SHIB’s open interest has shed more than $100 million. Meanwhile, Shibarium’s TVL has tanked and approaches record lows.
Shiba Inu Price Risks 40% Fall as Descending Triangle Emerges
When the price is making lower highs but the support remains the same, it creates a descending triangle. This is the case with the SHIB price, where support at $0.000011 has remained, but a downward-sloping resistance has formed since January 2025.
The first high is seen in January. Shortly after, it found support at $0.000011, and the height between this high and the support caused a 43% drop. This means that if the Shiba Inu price were to move below $0.000011, it would plunge by more than 43% and reach $0.00000626.
The reason why this drop will happen is that these lower highs show buyers are becoming less interested. Therefore, when they no longer view support to be strong, they will likely start to dump, and this is what may cause the top meme coin to add a zero.
The RSI adds weight to this Shiba Inu price forecast. It has again been rejected at 50. That further proves the case that buyers are not willing to fill their bags with SHIB. This means that a higher high will not be created. Instead, the downward slope will continue.
There is only one way that this pattern is going to be invalid. This is if the SHIB price can get to the 50-day SMA. This SMA is above the price, indicating that short-term trends are bearish. Considering that it is above the falling slope, getting to this SMA at $0.0000167 might bring more buyers back.
Open Interest Sheds $100M as Shibarium TVL Falls
Open interest is a good measure of where traders are expecting the Shiba Inu price to go next. It is falling, having shed more than $100 million. On July 22, it stood at $328 million, but it is now at $206 million according to Coinglass data.
Considering the ongoing drop, it is expected that some longs are being closed, which has caused the open interest to drop. However, this decline is only progressing, a signal that most traders are not willing to create new positions.
At the same time, network activity is not doing much to raise the confidence of investors. This is after the Shibarium TVL tanked to $1.83 million from $3.14 million in May. Looking further back, the TVL was at $6.44 million towards the end of 2024.
This means that there are very few things that could drive gains for the Shiba Inu price. Hence, it is more likely for the price to drop than it is likely for gains to happen.
Frequently Asked Questions (FAQs)
Shiba Inu price might crash by 43% if it loses the support level of $0.000011 shown in a descending triangle.
The most crucial support level for SHIB is $0.000011.
The falling open interest is bearish for Shiba Inu because it shows there is less conviction among traders.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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