The emergence of ChatGPT has sparked increased enthusiasm for artificial intelligence (AI) tools, driving further advancements and innovations in the field. Among these developments is Google’s Bard, a notable addition that has already showcased its effectiveness in analyzing potential price patterns for cryptocurrencies.
Stellar (XLM) has garnered significant attention following its recent remarkable surge, which was fueled by the announcement that Coinbase had integrated support for USD Coin (USDC) on the Stellar network. This development enables fast and cost-effective transactions across more than 180 countries.
In light of these events, Finbold sought the expertise of the Bard, an AI chatbot, to gain insights into the potential price trajectory of XLM by the end of 2023. The Bard provided a comprehensive analysis, taking into account various factors that could exert a substantial influence on its movements, with the analysis based on the situation as of June 29.
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Specifically, Bard offered an average price target of $0.10 at the end of the year “based on the assumption that the market will experience a bull market” but not as strong as the one in 2021.
Price predictions for XLM
Overall, the predictions for XLM’s price in 2023 vary widely with some sources predicted that the price will continue to rise above $0.10, while others predict that it will fall below that crucial level.
When considering the potential price movements of XLM in 2023, Bard highlights several key factors to consider. Firstly, the overall performance of the cryptocurrency market will play a crucial role.
If Stellar experiences increased adoption by businesses and organizations, similar to the recent Coinbase announcement, where Stellar was chosen for payment transfers, the demand for XLM could rise, potentially resulting in a price increase.
For instance, Stellar recently integrated with the money transfer platform MoneyGram to facilitate streamlined deposits and withdrawals of cash from crypto wallets via USDC on Stellar without a bank account, as the company stated on June 21.
The development of new features and products on the Stellar network, if the Stellar network continues to develop and new features and products are added, could make XLM more attractive to users, which could lead to an increase in price.
Stellar chart analysis
Currently the price of Stellar stands at $0.101. Over the past 24 hours, the trading volume for XLM reached $461.52 million, contributing to its market capitalization of approximately $2.74 billion. In terms of market dominance, Stellar holds a share of 0.23% in the overall cryptocurrency market.
In the short term, XLM experienced a slight decline of -0.55% in its price over the past 24 hours. However, when considering the performance over the entire week, XLM has shown a notable increase of 15.57%.
It’s worth noting that XLM is currently trading above its 200-day simple moving average, which can be considered a positive signal by some technical analysts. Additionally, over the past 30 days, XLM has experienced 16 days of price increases, accounting for approximately 53% of the observed period.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
