Dogecoin News Today: Dogecoin Slides 6.78% to $0.2481 Testing Key $0.260–$0.265 Support Zone as Bulls On Edge

Dogecoin’s recent price action has sparked heightened caution among bullish investors as the asset slid 6.78% in 24 hours, dropping to $0.2481 as of July 23. The decline has brought the cryptocurrency into a critical test of its $0.260–$0.265 support zone, a level that has historically served as a base for rebounds during its recent 63% rally from $0.17587 to $0.28667 [1]. Analysts warn that a breakdown below $0.260 could trigger a deeper correction, potentially targeting the $0.21389 area—a previous breakout zone that may now act as a key resistance-turned-support [2].

The short-term technical outlook hinges on the ability of buyers to defend the $0.260–$0.265 range. BitGuru, a prominent crypto analyst, emphasized that a failure to hold this level could signal a shift in momentum, resetting bullish expectations and inviting profit-taking from recent entrants. “If $0.260 breaks, the next target is $0.21389,” BitGuru noted in a July 23 tweet, citing a chart that outlines the potential path [1]. However, the broader bullish structure remains intact as long as the $0.20–$0.22 range holds, according to Cipher X, who projected $0.38–$0.40 as the next major take-profit zone if the asset reclaims stability [2].

While short-term volatility persists, some analysts see long-term potential for DOGE. Crypto General highlighted renewed inflows into meme coins, with DOGE leading breakouts driven by capital rotation into Ethereum and Solana-linked assets. He suggested entering long positions at current levels, envisioning a $1 price target—a speculative projection that would elevate DOGE’s market cap to approximately $120 billion [1]. This optimism, however, contrasts with immediate concerns about macroeconomic pressures and regulatory uncertainties that weigh on the broader crypto market.

The competitive landscape further complicates DOGE’s trajectory. While it remains a focal point for retail traders, assets like NEAR Protocol have attracted increased attention, drawing comparisons in terms of market share and investor sentiment. This shifting flow of capital underscores the challenge of maintaining DOGE’s dominance amid a dynamic crypto ecosystem [3].

Investors are advised to monitor on-chain metrics such as wallet addresses and trading volume for early signs of a reversal. A sustained recovery above $0.260 could reignite bullish momentum, but a failure to do so may extend the bearish trend. The coming sessions will be critical in determining whether bulls can stabilize the price or if bears seize control of the narrative.

Sources: [1] [DOGE Bulls on Edge as Price Slides Below $0.26](https://blockonomi.com/doge-bulls-on-edge-as-price-slides-below-0-26-is-a-deeper-pullback-coming/) [2] [Dogecoin (DOGE) Price Eyes $1, But More Whale Attention...](https://www.mitrade.com/au/insights/news/live-news/article-3-978555-20250723) [3] [NEAR Protocol Price USD...](https://www.bitget.com/price/near-protocol)