Bittensor's TAO Token Faces 45% Drop Risk
- Covenant AI Exit: Covenant AI's full exit from the Bittensor ecosystem has led to a 30% drop in TAO token prices, from a weekly high of approximately $249, indicating a weakening market confidence in Bittensor's decentralization claims.
- Surge in Trading Volume: The selloff on Friday was accompanied by a roughly 250% increase in trading volume, suggesting that most traders are pessimistic about TAO's downside outlook, which has intensified selling pressure in the market.
- Futures Market Liquidations: Approximately $11.83 million in positions were liquidated in the futures market, with $9.71 million being long positions, indicating that many bullish traders were caught offside, thereby adding to the downward pressure on TAO.
- Technical Indicators Signal Downside: TAO's technical charts suggest a potential further decline of 25%-45% in the coming weeks, with current prices nearing $200; if historical patterns repeat, it could drop to around $144, reflecting growing concerns about its long-term growth prospects.
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Technical Analysis for AI
Technical Sentiment Analysis for Sleepless AI (AI). As of , Sleepless AI (AI) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for AI stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, AI is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Sleepless AI (AI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0144 | 0.016 | 0.0176 | 0.0192 | 0.0208 | 0.0224 | 0.024 |
| Fibonacci | 0.016 | 0.0172 | 0.018 | 0.0192 | 0.0204 | 0.0212 | 0.0224 |
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