Dogecoin declined about 7% on Wednesday, with its daily golden cross still intact as the token tested important support levels.

An NS3.AI analyst, Kevin, identified the $0.083-$0.089 zone as a major support area and said a move back toward recently reclaimed moving averages would be normal.

He added that the ability of this support to hold could depend on Bitcoin's performance.

Marshall Hayner, CEO of Metallicus and a member of the Dogecoin Foundation board, noted that a separate proof-of-stake payment layer developed by Metallicus and Metal Blockchain is 300 times faster.