TL;DR

Despite being on a downtrend, SHIB has caught the attention of crypto analysts and even NBA legend Scottie Pippen, with predictions of a 40% rally and signs of a classic trend reversal forming. The lead developer Shytoshi Kusama teased multiple upcoming announcements, fueling speculation that July could be successful period for the meme coin.

The Next Potential Targets

Shiba Inu (SHIB) experienced a substantial resurgence on a couple of occasions last year, but it currently trades far below those peaks. As of this writing, the self-proclaimed Dogecoin killer is worth roughly $0.00001136, meaning a 33% decline on a yearly scale.

Still, it remains the subject of bullish price predictions. Earlier today (July 2), the X user Dami-Defi argued that SHIB bounced off key daily support and broke its local downtrend. The analyst described this as a classic reversal setup, envisioning a 40% spike to as high as $0.00001600. For their part, the X user PumpSwap Alpha expects a price explosion in the short term:

I’m anticipating a major move on $SHIB soon. The pump feels overdue. Like this if you believe Shiba Inu is about to explode in the coming days. pic.twitter.com/tw8lhQmwR7

It is worth noting that the NBA legend Scottie Pippen also put his name among the optimists. He recently asked his more than 700,000 followers on X which cryptocurrencies besides Bitcoin (BTC) they are bullish on, saying his picks include SHIB, XRP, ADA, DOGE, and other well-known altcoins.

This isnt the first time Pippen has shown interest in assets different than BTC. In May, he claimed that the altcoin season is here, shifting his attention toward SHIB, XRP, ETH, SOL, ADA, and more.

The Calm Before the Storm?

Important elements that could trigger a price ascent for SHIB are potential partnerships that the project may ink in the near future or groundbreaking disclosures involving its ecosystem.

Earlier this week, Shytoshi Kusama said on X that the community should be prepared for many announcements, releases, and discussions around everything weve built thus far and where we see the future going.

Some of the people commenting on the post took this as a positive sign that the ongoing month could be highly successful for the meme coin. However, only time will tell whether this will be the case.