Dogecoin (DOGE) is starting Tuesday on an extremely bearish footing, coming under fire from various critics, and recent supporting comments from its lead promoter Elon Musk have done little to help raise its appeal lately. At the time of writing, DOGE/USD is trading around $0.20.

The most popular memecoin has come under pressure after leading crypto exchange OKEx’s CEO Jay Hao called Dogecoin a “passing fad” despite Musk’s comments boosting its credibility. Hao shared these insights in a recent interview with Benzinga, observing that celebrity endorsements have had a huge impact in boosting the credibility and glamour quotients for memecoins but they would need enhancements to their basic infrastructure to turn into useful assets with real value.

In a recent interview with Yahoo Finance, Executive Chairman at Edelman Financial Engine, Ric Edelman, shared even stronger views on DOGE, calling it a joke that needs to be completely ignored. In his opinion, Dogecoin is a scam that could end very badly unlike the more serious cryptocurrencies that show promise like market leaders Bitcoin and Ethereum.

Despite these cautious comments from market experts, Dogecoin enjoys the support of its community, with users holding on to their DOGE coins through the downbeat sentiment and preventing a price crash. Recent analysis indicates that the overall market cap of memecoins exceeds $33 billion, with the leader DOGE accounting for the lion’s share of around $28 billion.

Dogecoin is likely to find some support from a recent survey by market research firm Opinium, which shows how young investors in the UK are taking on additional risk to purchase this digital currency. Consumers used credit cards (27%), student loans (17%), or other kinds of loans (12%) to purchase DOGE coins, indicating the rising popularity of the joke cryptocurrency.

Key Levels to Watch

On the 4-hour chart of DOGE/USD, moving averages and leading technical indicators MACD and momentum are pointing towards a strong bearish bias. The price is sitting right between the immediate support at $0.19 and the pivot point at $0.21, making it an interesting time to watch Dogecoin’s price action.

A move higher can turn things bullish as it rises above the pivot point and buyers make their way towards the resistance level at $0.24. On the other hand, increased selling pressure can see DOGE’s price break below the support and test the next support at $0.16.