Covenant AI's Sudden Exit Disrupts Bittensor Network
- Critical Technical Void: Covenant AI's abrupt exit from three essential subnets of the Bittensor network caused the $TAO token value to plummet to approximately $265, significantly impacting investor confidence and sparking widespread debate about the governance and transparency of decentralized AI ecosystems.
- Governance Controversy: Covenant AI accused Bittensor co-founder Jacob Steeves of undermining the project's decentralized ethos, citing grievances such as emission suspensions and token sale strategies that conflicted with blockchain principles, further exacerbating community concerns about Bittensor's sustainability.
- Community Reorganization Efforts: Following Covenant AI's withdrawal, Bittensor miners and community members swiftly reorganized, relying on open-source platforms to maintain operations, highlighting their dependence on technical leadership and the vulnerabilities within the network's structure.
- Future Safeguard Measures: Jacob Steeves proposed a Locked Stake model requiring subnet owners to tether their $TAO holdings for a specific duration to ensure accountability and mitigate similar incidents in the future, emphasizing the need to reinforce commitment within decentralized frameworks.
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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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