Shiba Inu price fails to breach key resistance despite special SHIB announcement from Japan SBI VC trade

Shiba Inu (SHIB) price is trying to catch up with the broader market rally, but a stiff roadblock will not let it. Nevertheless, SHIB bulls do not show any signs of stopping, with a key announcement in the meme coin ecosystem likely to steer optimism.

Also Read: Shiba Inu announces launch of Shib Name Service on Shibarium, SHIB holders await reaction

Shiba Inu network announcement

Shiba Inu (SHIB) community is trending on Crypto X, first, coming on the back of the launch of Shib Name Service on Shibarium as reported on November 1. Barely 24 hours later, the ecosystem’s marketing specialist Lucie indicated that the Japan SBI VC has invited Japanese cryptocurrency community members to commemorate Kabo-chan’s birthday, November 2.

Kabo-chan is a renowned internet sensation popular for inspiring the two leading meme coins by market capitalization, Shiba Inu and Dogecoin (DOGE). With this announcement, the Tokyo-based financial services group is honoring Kabosu-chain with a celebratory campaign where every member of the Japanese crypto community gets the opportunity to earn cryptocurrencies inspired by Kabo-chan. This means either DOGE or SHIB.  

Participants in the competition must engage in Shiba Inu and Dogecoin-related transactions, including a coin lending project and get rewarded for buying either of the two tokens in the duration of the campaign.

To qualify for the reward, participants must have purchased Shiba Inu or Dogecoin tokens worth at least 50,000 yen (approximately $332.20 based on current rates) while the campaign lasts, set to end on  December 1.

Shiba Inu price outlook with SHIB holders chasing Kabo-chan rewards

Shiba Inu price is testing the supply zone extending from $0.00000786 to $0.00000837. This supply barrier has capped the upside potential for SHIB for almost two weeks, with ten unsuccessful breakout attempts so far.  

The supply zone is an order block where a lot of sellers populate. This means a lot of aggressive selling can be expected around this zone. This could, with the fact the Relative Strength Index (RSI) deviating to the south, see selling pressure overpower buying pressure.

The result could be a bold downtrend, with Shiba Inu price possibly extending below the $0.00000750 level, or worse, extrapolate the losses to test the $0.00000700 psychological level before challenging the demand zone ranging from $0.00000655 to $0.00000694. A break and close below the midline of this order block at $0.00000675 could spur a fresh downtrend.

SHIB/USDT 1-day chart

IntoTheBlock’s “Global In/Out of the Money Around Price” (GIOM) model reveals there is a crucial supply barrier that will prevent the second-largest meme coin by market capitalization from achieving its upside potential. Based on this on-chain metric, there are only two major areas of interest between $0.000008000 and $0.000014 and $0.000014 to $0.000019 that are filled by a high number of investors that bought SHIB around these price levels.

SHIB GIOM

Any efforts to send Shiba Inu price past the aforementioned levels would be countered by selling pressure from a total of almost 500 addresses holding SHIB.

Nevertheless, with the RSI still above the 50 level, the upside potential remains plausible for Shiba Inu price. Increased buying pressure above current levels could see SHIB price break past the midline of this order block at $0.00000814. A decisive candlestick close above $0.00000814 level would confirm the continuation of the uptrend.

Once an uptrend is in play, Shiba Inu price could stretch to the $0.00000910 level, around 15% above current levels.