Dogecoin dropped by 7%, Bitcoin is affected as risk is avoided in the memecoin.

The Decline in Dogecoin Continues

Dogecoin has lost approximately 7% in value following the pullback of Bitcoin. The memecoin has shown weak performance compared to larger cryptocurrencies, becoming the center of a broader risk-averse movement.

The cryptocurrency has broken below the critical support level of $0.1218 with high trading volume, turning it into a resistance level in the near term, and experienced a brief bounce from around $0.115. Currently, investors are watching a critical decision area between $0.115 and $0.12.

If the $0.1218 level is maintained and reclaimed, it could be a sign of stability. However, a drop below $0.115 may trigger a decline towards the $0.108 to $0.10 levels.