There will be a good buying opportunity for Dogecoins DOGE/USD if rival meme coin Shiba Inu SHIB/USD is starting to recover, according to an analysis by a popular cryptocurrency trader.
What happened: Pseudonymous cryptocurrency trader and analyst Altcoin Sherpa shared an analysis of altcoins charts with his 182,000 followers in a Video earlier this week.
See also: IS DOGECOIN A GOOD BUY?
“I find it interesting that Dogecoin made this move, but it’s also interesting to note that Dogecoin didn’t even lead the meme coin market, it did SHIB. So Shiba will be the one to be the first in such situations,” the trader said.
In these situations, altcoin Sherpa believes that buying the laggard could prove to be a lucrative trading strategy.
“It’s good to buy the laggard and there are many ways to trade these types of trades, i.e. if SHIB moons really hard and DOGE doesn’t do anything, luckily you can long Dogecoin and then just assume it will follow ,” he said.
However, he thinks it is unlikely that DOGE will rise as much as SHIB in these scenarios.
Based on the charts, the trader said that DOGE “isn’t looking too good” at these levels. He sees the bottom of the range around $0.057 and says it could possibly even drop below $0.052.
Price promotion: At press time, DOGE was trading at $0.062, up 1.87% over the past 24 hours, according to data from Gasoline Pro. SHIB traded at $0.00001235, up 1.39% over the same period.
Continue reading: Ethereum Outshines Bitcoin, Dogecoin as Merger Approaches: Analyst Warns These Data Could Trigger Crypto ‘Summer Lows’
