Tezos price has crawled back in the past few weeks even as the crypto fear and greed index remains in the neutral point. The XTZ coin was trading at $0.845, where it has been at in the past few days. This price is about 27% above the lowest level this year.
Google Bard’s XTZ forecast
Artificial Intelligence (AI) has become a major theme in the market following the success of ChatGPT. As a result, it has become more popular for people to ask AI platforms like Google Bard and Microsoft Assistant about anything.
Therefore, I asked Google Bard what it thinks about Tezos and how the XTZ token will trade in August. The AI platform said:
“The forecast for Tezos in August is mixed. Some analysts believe that the price of XTZ could reach $1.00 by the end of the month, while others believe that it could fall to $0.75. The overall sentiment for Tezos is bearish, but there are some positive factors that could support the price, such as the upcoming Jakarta upgrade.”
If Google Bard is accurate, then it means that Tezos price could jump by about 20% from the current level. On the other hand, if the XTZ price retreat to $0.75, it means that the coin will drop by about 10%.
Tezos price analysis
Tezos, one of the best-known players in the blockchain industry, has faced numerous challenges. For one, the company has a minimal market share in key industries like decentralized finance (DeFi) and non-fungible tokens (NFT).
Tezos has total value locked (TVL) of more than $73 million, making it the 35th biggest chain in the world. It has also seen its market share in the NFT industry diminish.
Data by CryptoSlam shows that the total Tezos NFT sales in the past 24 hours stood at just $47k, making it the 12th biggest player in the world. Remember, Tezos has spent millions in advertising, including by sponsoring RedBull Racing.
I also expect that the Jakarta upgrade will have no impact on the Tezos price. As we saw in June, the Nairobi upgrade have minimal impacts on the coin.