TAO's current market situation is quite interesting—if you say it's bearish, the community is saying the long-term outlook is fine; if you say it's bullish, it has dropped another 0.96% in the past 24 hours, with technical signals all pointing to bearish momentum.

Let's first look at the short-term problematic areas. The price has already broken below the key moving averages, with the 7-period EMA now being suppressed by the 25- and 99-period EMAs. The MACD histogram is also confirming bearish momentum, and the Bollinger Bands are loosening. The support level is around 210-225, and for now, these levels are barely holding.

But here's the interesting part—the community isn't scared off by this recent decline. Why? Because everyone is focusing on the longer-term picture. Bittensor, as a decentralized AI network, its design philosophy and tokenomics are often compared to Bitcoin. Moreover, the network has already gathered 9 million users on its subnets, which reflects real business growth. More importantly, the emission reduction event in early 2026, similar to Bitcoin halving logic, is expected to tighten supply, leading many traders to see accumulation opportunities at current prices.

So, the current situation is—technically, there's definitely pressure over the past few days, with prices pulling back from highs and lows, and volatility remaining high. But the community believes that the 210-225 range is a golden buying zone, with many bottom-fishers taking positions. This contradiction between long-term bullish sentiment and short-term bearish signals essentially captures the current state of TAO.

In simple terms, it all depends on how you view this trading window—either you see potential for a rebound there, or you prefer to wait and see before breaking through key support.