Recent changes in the cryptocurrency market highlight divergent trends for Shiba Inu (SHIB) and Pengu (PENGU).
Shiba Inu's Struggles
SHIB, once a popular meme token, is showing signs of fatigue as trading volume thins even during price increases. This type of price action, where candles glow green but order books are hollow, may indicate a potential fake-out. Without renewed buying interest, SHIB could return to key support levels around $0.0000136 or even $0.0000130.
Pengu's Strength
Unlike SHIB, Pengu exhibits a healthier pattern. After periods of sideways consolidation, the token has staged sharp upward bursts, suggesting active accumulation. Support for Pengu remains firm, and momentum indicators like the RSI hover at mid-range levels, not overbought or oversold. This setup often precedes a breakout, especially if the altcoin market begins to heat up in early August.
Outlook for August
SHIB will need to boost trading volume to avoid another retracement. If large players begin dumping during this weak rally, it could accelerate the drop back to support. Pengu, in contrast, looks technically stronger going into August, with resistance levels now within reach and the RSI resetting, suggesting it could soon hit new highs.
Current trends in the cryptocurrency market reveal different behaviors from tokens like Shiba Inu and Pengu. Investors should closely monitor changes in trading volumes and market trends heading into August.
