The meme cryptocurrency market is approaching what some investors fear to be the onset of a protracted correction. Shiba Inu (SHIB), having suffered a staggering loss exceeding 30% of its value, is displaying worrisome signals on price charts, seemingly gearing up for a potential collapse.

The rapid growth phase of SHIB appears to have encountered a hurdle, evident in recent price movements. Current strong testing of asset support levels indicates a failure of previous "comfort zones" to provide the rebound strength witnessed in previous uptrends.

SHIB's trading volume has witnessed a significant decrease, suggesting declining interest or possibly accumulation of sell orders by investors aiming to cut losses. Trading patterns indicate entrenched bearish sentiments, and if this persists, it might lead to SHIB losing a substantial portion of the rapid gains accumulated during its ascent.

Looking ahead, the near future for SHIB hinges on whether the asset can maintain its support levels. If the price drops to 50% of its recent peak gains, it might signal the end of the ascent, potentially leading to a bearish market for SHIB.

Stabilizing its current price and holding ground could serve as a launching point for future gains, especially if broader market sentiments improve or there is a renewed interest in meme coins. Conversely, the bearish scenario necessitates breaking current support levels, potentially intensifying selling pressures and resulting in further losses. Given SHIB's speculative nature and the market's influence on its value, a looming collapse is plausible if the current trend persists.
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