There will be a good buying opportunity for Dogecoin DOGE/USD if same rival piece shiba inus SHIB/USD is starting to rally, according to an analysis by a popular cryptocurrency trader.
What happened: Pseudonymous cryptocurrency trader and analyst Altcoin Sherpa shared an analysis of altcoin charts with his 182,000 followers in a video earlier this week.
See also: IS DOGECOIN A GOOD BUY?
“I think it’s interesting that Dogecoin has had this move, but it’s also interesting that Dogecoin hasn’t even led the meme coin market, unlike SHIB. So Shiba will be the one to act first in these situations,” the trader said.
In these situations, Altcoin Sherpa believes that buying the latecomer could prove to be a lucrative business strategy.
“It’s good to buy the laggard, and there are plenty of opportunities to trade these types of trades, i.e. if SHIB moons really strong and DOGE doesn’t do anything, you can happily just long Dogecoin and then assume it will follow,” he said.
However, he thinks DOGE is unlikely to rally as much as SHIB in these scenarios.
Based on the charts, the trader said DOGE “doesn’t really look great” at these levels. He considers the low end of the range to be around $0.057 and says it might even fall below the $0.052 mark.
Price action: At press time, DOGE was trading at $0.062, up 1.87% in the past 24 hours according to data from BenzingaPro. SHIB was trading at $0.00001235, up 1.39% over the same period.
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