Dogecoin $0.16 Support is Holding, Profit Taking Has Been Effective

Fluctuations in Dogecoin Price

Dogecoin price has declined by 0.5% recently, falling to $0.1657. This situation is linked to institutional investors making transactions as they approach a strong resistance level.

In the early part of the week, it was observed that institutional investors were increasing their Dogecoin holdings. However, as prices approached $0.1670, there was a decrease in these holdings.

Although the overall market sentiment appears weak, the Dogecoin price structure continues to remain solid. This indicates the potential for a breakout above the $0.16 level.