Shiba Inu Tug-of-War: Traders vs Chart Watchers

The Shiba Inu token has been experiencing a tug-of-war between traders and chart watchers. On one hand, tens of billions of SHIB have been pulled from centralized exchanges, often seen as a sign that holders are shifting to long-term storage or reducing immediate sell pressure.

According to on-chain data, roughly 74 billion SHIB were withdrawn from exchanges recently, following weeks of market weakness that pushed SHIB down the leaderboard. This trend is causing analysts to draw parallels with the meme coin's bearish stretch from April to June 2023.

Despite a recent bounce in price, which even brought Shiba Inu close to re-entering the top 30 cryptocurrencies by market cap, the momentum feels stuck. Some technical analysts are warning of a potential 20% drop if key support levels break.