Bittensor's TAO Token Plummets Over 20% Following Subnet Loss
- Token Crash: Bittensor's TAO token plummeted over 20% after losing the Templar subnet, dropping from recent highs of $340 to $264.05, with a peak decline of 27%, representing a significant setback for one of the few remaining tokenized projects in the green.
- Liquidity Loss: The exit of the Templar subnet resulted in substantial liquidity loss for Bittensor, causing losses for investors who locked TAO into the Grail, Basilica, and Templar subnets, severely undermining market confidence.
- Liquidation Surge: The drastic price swing of TAO led to over $9.44 million in long positions liquidated within the past 24 hours, with total liquidations reaching $11.36 million, highlighting extreme market volatility.
- Decentralization Controversy: Covenant AI claimed that Bittensor is not truly decentralized, accusing its team of freezing community channels and suspending subnet emissions, which may lead to community division and impact future project development.
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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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