Shiba Inu (SHIB) is pressing against a closely watched support level as sellers retain control, while Rakuten prepares to hand physical commemorative coins to verified token holders at an upcoming seminar.

The token last traded at $0.00000506, sitting below its nine-day exponential moving average (EMA), with the daily relative strength index (RSI) at 37.90. A daily close below $0.00000500 would expose lower support, while a close above $0.00000522 would produce a better short-term chart.

Rakuten Sets Conditions for the November 3 Giveaway

According to SHIBMortal, Rakuten will distribute physical commemorative coins at its November 3 seminar. The campaign underscores the company's presence in the crypto sector: Rakuten is one of Japan's largest e-commerce and internet services groups, and Rakuten Wallet operates as its crypto asset exchange platform. Attendees will need to verify their SHIB holdings through the Rakuten Wallet app at the event booth in order to participate.

The coins are intended strictly as keepsakes and are not meant to be bought, sold, or transferred. That distinction matters for holders who rely on an automatic deposit to their account: the giveaway does not deliver any additional SHIB, nor does it alter the supply of existing tokens. Any value attached to the physical items would depend entirely on collector demand.

The wallet check makes token ownership a condition of participation, although the announcement does not specify a minimum required amount or every operational detail. Holder-verification events and merchandise giveaways of this kind are a familiar engagement format across the crypto industry. Interested participants are advised to consult Rakuten's official event information before making any arrangements.

For the Shiba Inu community, the event offers engagement beyond online trading and may draw interest from holders who collect project-related merchandise. Whether Rakuten follows up with further initiatives remains unknown.

SHIB Slips Below Its Short-Term Average

The daily Binance chart (chart via TradingView) showed SHIB at $0.00000506 on October 17. The nine-day EMA stood above the price, at approximately $0.00000522, and trading beneath that line reflects the weakness that has persisted through October.

The recent decline followed an advance toward $0.00000600 earlier in the month. Since then, rebounds have struggled to regain previous highs, with descending trendlines showing how sellers have repeatedly capped recovery attempts.

Momentum readings tell a similar story. The daily RSI registered 37.90, remaining below the 50 midpoint and indicating that downward pressure currently outweighs buying strength. The reading has not, however, reached the commonly watched oversold level of 30.

After several losing sessions, SHIB is now testing the $0.00000500 area. Round-number levels tend to act as shared reference points because traders frequently place orders around them, which helps explain why this mark draws attention. If that level is breached on a daily closing basis, $0.00000480 will come into view, and additional weakness may reopen the $0.00000440 to $0.00000460 range.

Two Price Levels That Could Change the Picture

To the upside, buyers first need to push SHIB above $0.00000522, where the nine-day EMA sits. Such a move would return the token above its short-term average, though it would not by itself end the downtrend; the descending resistance line would also need to give way before the chart improves materially.

Above the EMA, the $0.00000540 to $0.00000560 band presents another test for buyers. A sustained move through that range could open a challenge toward $0.00000580, a region of significance because SHIB previously traded around $0.00000580 to $0.00000600. A return there would recover much of the recent decline. For now, the price remains well below those levels.

The RSI may offer another clue if a rebound begins. A move back toward 50 alongside higher daily closes would support the case for recovering momentum, while a drop toward 30 would show sellers extending their advantage.

Rakuten's giveaway and SHIB's chart are separate matters: the seminar concerns a physical collectible, while the price action concerns trading and investor interest. Traders will be watching whether $0.00000500 holds or fails, while holders have the November 3 seminar as the next fixed date for updates on the campaign.