Covenant AI Withdrawal Triggers $TAO Price Plunge
- Network Stability Crisis: The sudden withdrawal of Covenant AI from three critical subnets on the Bittensor network caused $TAO prices to plunge to around $265, raising serious concerns over network stability and decentralization, which negatively impacted investor confidence.
- Loss of Technical Resources: Covenant AI's exit left significant gaps in both technical resources and leadership for Bittensor's subnets, forcing miners and contributors to quickly reorganize and rely on the open-source infrastructure to maintain operations, complicating the recovery process.
- Governance Transparency Controversy: Allegations from Covenant AI accused Bittensor of struggling with centralization issues, claiming co-founder Jacob Steeves' actions undermined decentralization principles, particularly regarding token sale scheduling and emission suspensions, sparking broad discussions about governance mechanisms.
- Future Commitment Mechanism: Steeves proposed a
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Technical Analysis for AI
Technical Sentiment Analysis for Sleepless AI (AI). As of , Sleepless AI (AI) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 4 indicators are flashing buy, while 4 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 | 0.0146 | 0.0165 | 0.0183 | 0.0202 | 0.022 | 0.0239 | 0.0257 |
| Fibonacci | 0.0165 | 0.0179 | 0.0188 | 0.0202 | 0.0216 | 0.0225 | 0.0239 |
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