What does the strip on the very far left of the meter mean? Sometimes it's green sometimes it's orange.
That should be the amount of tension on the line. Low tension is green, High tension is red. The drag level will affect how much tension gets placed on the line, as well as how much the fish fights. You want to keep the meter in the green or barely in the red. If it stays red chances are it'll break. This requires finesse, especially depending on the type/weight line you have equipped. Knowing the species of fish will allow you to gauge how much drag you can play with & get away with not breaking the line. Check out the in game tutorials, there is one that specifically covers the basics of reeling in the fish.