Dogecoin (DOGE) Will Follow If Shiba Inu (SHIB) Rally Really Strong, Says Crypto Analyst

There will be a good buying opportunity for Dogecoin DOGE/USD if rival coin Shiba Inu SHIB/USD starts to rally, according to analysis from 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.

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"I think it's interesting that Dogecoin had this move, but it's also interesting that Dogecoin didn't even lead the meme coin market, unlike SHIB. Shiba will therefore be the first to act in these situations,” the trader said.

In these situations, Altcoin Sherpa believes buying the laggard could prove to be a lucrative trading strategy.

"It's good to buy the laggards, and there are plenty of opportunities to trade these types of trades, i.e. if SHIB is running very strong and DOGE does nothing, you can just long Dogecoin and then assume it's going to 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 drop below the $0.052 mark.

Price Action: At press time, DOGE was trading at $0.062, up 1.87% in the last 24 hours according to data from Benzinga Pro. SHIB was trading at $0.00001235, up 1.39% over the same period.

Read more: Ethereum outperforms Bitcoin and Dogecoin as merger nears : Analyst Warns This Data Could Trigger Crypto 'Summer Lows'

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