Cryptocurrencies Shiba Inu and Pengu are once again grabbing attention for very different reasons. Analyzing their current status provides insight into their near-term prospects.
Challenges for Shiba Inu
Shiba Inu, once an unstoppable meme token, is now facing difficulties. Trading volume is decreasing even when the price shows growth. This may indicate a potential fake-out where the rise is not supported by buyer interest. Without a significant increase in buying interest, Shiba Inu could return to key support levels at $0.0000136 or $0.0000130.
Strength of Pengu
Pengu, an altcoin priced under $1, is showing a healthier dynamic. After periods of sideways movement, the token has exhibited sharp upward bursts, indicating active accumulation. Support appears to be sustainable, and momentum indicators are hovering at mid-range levels.
Prospects for August
Shiba Inu will need to increase trading volume in August to avoid a retracement. If large players start dumping during this rally, it could accelerate the decline. Conversely, Pengu holds potential for upward movement, especially if the overall altcoin market improves.
The situation in the cryptocurrency market remains dynamic. Stay tuned for developments in August, as changes could significantly affect the standings of Shiba Inu and Pengu.
