Foom (FOOM) Price Forecast - In the Food Fight, FOOM Aims to Double Its Worth

Foom (FOOM) Price Forecast – In the Food Fight, FOOM Aims to Double Its Worth

Updated: 08 September 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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FOOM benefited from the surge in AI adoption worldwide since it is an AI-powered ecosystem. However, FOOM’s price today, September 8, at 5:25 am EST, is $0.0732, with a 7% decline in its price in the past 24 hours.

It attained its all-time high value of $0.000000046 on September 6, 2023. The price decline noticed today is likely a function of buyers trying to profit from the previous price increase.

FOOM’s Price Increase Likely Driven AI Adoption and Growth

Foom leveraged the growing relevance of the Artificial Intelligence sector to launch its platform. The Foom Club is a training camp for AI bots who seek to become independent influencers and traders who earn money.

Users can buy, promote, and sell $FOOM tokens to train these AI bots and achieve the best results. The bots must be able to earn funds to support their owners for life. Therefore, the primary purpose of $FOOM tokens is to accelerate bot education.

According to the developers, a Foombot must promote the Foom Club and the FOOM token. The existing bots include AngryGrandpa, ManOfCulture, Bob, Yoda, and Wendy.

Statista reports that the Artificial Intelligence market will reach $241.8 billion in 2023.

The Foom ecosystem is likely to benefit from this rapid growth. FOOM’s price will likely rally again despite the decline in the last 24 hours. On the one-hour chart, FOOM declined after attaining its all-time high value on September 6. However, based on its growing adoption, a recovery remains a possibility.

FOOM Enters Downtrend As Buyers Take Profit

FOOM is in a downtrend on the one-hour chart, forming a third consecutive red candle. Buyers seek to capitalize on its price gains after it attained its all-time high value, leading to a decline in the asset’s price.

FOOM trades in the lower region of the Donchian Channel (DC), confirming the bearish sentiment and the dominance of sellers today.

Also, the Relative Strength Index indicator displays a value of 38, dropping from the neutral zone and close to the oversold region of 30. The RSI is moving sideways, suggesting some buyers are still active. However, further decline could lead to liquidations for open long positions.

The Moving Average Convergence/Divergence (MACD) has dropped below its signal line. It confirms that selling pressure is rising for the asset. Also, the red Histogram bars suggest that FOOM will likely remain in the oversold region in the next few days.

$0.07310 Support Critical To Determine Next Price Move

The trend line confirms a descending triangle pattern formed for FOOM as the sellers dominate the market. However, the $0.07310 support as a price pivot previously caused FOOM to rally to its all-time high as multiple buyers chose this price level as an entry point.

If the historical price pattern repeats, FOOM will likely rally soon. The bears at the $0.00000000316 resistance level intend to prevent FOOM from rising further, although the sellers are losing momentum. FOOM will probably bounce back if it pivots off its closest support level to force a rally in the coming days.

Bitcoin BSC Offers Investors An Alternative

While FOOM declines today, investors can diversify from AI investment and use Bitcoin BSC, a project built on the reliable Smart Chain BSC framework.

Bitcoin BSC is an ecosystem that relies on the proof-of-stake mechanism to reward its users as an eco-friendlier solution than the old proof-of-work model.

This price offers investors the best opportunity to accumulate these tokens before a potential price surge. A total of 6.125 BTCBSC million tokens will be available for the presale, and users can purchase these tokens with either ETH, USDT, or BNB.

Over $228,000 has been realized from the presale goal of $4 million in the initial stage, showing rising investor interest.

Staking For Additional Rewards

Bitcoin BSC supports staking and distributes rewards to users who stake their tokens for every new block created. Over 127,000 tokens are already staked at an APY of 2064%.

The developers set aside 69% of the total supply as staking rewards distributed according to a user’s share in the staking pool and the APY at the time. According to the developers, users can lock their BTCBSC tokens for a week and receive rewards based on their pool percentage.

https://twitter.com/Bitcoinbsctoken/status/1700056426066989204

This reward system is likely the attraction for most investors, and the presale success so far suggests that users anticipate a price surge after listing.