<ul data-eligibleForWebStory="true">Dogecoin has dropped below $0.16 for the first time since April, marking a nearly 4% decline in the last 24 hours.The coin has been on a month-long downtrend from $0.23, breaking support levels at $0.21 and $0.18 along the way.This price drop is part of a broader decline in the crypto market exacerbated by Bitcoin's stagnant movements.Dogecoin has lost approximately 36% in value over the past month and has been overtaken by Tron in market cap rankings.The fading enthusiasm for meme coins, including other meme coins like Shiba Inu and PEPE, has contributed to Dogecoin's decline.Technical analysis indicates a bearish outlook for Dogecoin, with a potential 60% correction looming if selling pressure persists.The breakdown of the $0.16-$0.22 price range signals possible further downside to levels around $0.088 and $0.13.A Dogecoin ETF approval by the SEC could provide hope, with the odds estimated at about 90% by Bloomberg Intelligence analyst James Seyffart.Dogecoin is currently trading at $0.1565.Despite hopes for a Dogecoin ETF approval, the coin's price may face further decline without a swift recovery above $0.16.