⚠️ $AVAX ’s $60 Target in Doubt as Avalanche9000 Fails to Boost Price 📉

🚀 Avalanche9000 Upgrade went live on December 16, marking the biggest upgrade since Avalanche's mainnet launch. It introduced 99.9% lower L1 deployment costs and 96% cheaper C-Chain fees, yet AVAX has struggled to gain momentum.

📊 Despite a 3% price rise in the last 24 hours to $50.65, AVAX’s trading volume is declining. This suggests the rally mirrors broader market gains rather than strong buying demand, making the price growth appear unsustainable.

📉 Bearish Signals: AVAX is nearing a drop below its 20-day EMA, a key momentum indicator. Falling below this average often signals a shift toward a downtrend, reflecting weakening buying pressure and potential further declines.

🔑 Key Levels to Watch:

Support: $47.02 – If this level breaks, AVAX could plunge to $41.34.

Resistance: $55.10 – A bullish breakout here could reignite upward momentum toward the yearly high of $65.39.

🔥 While the Avalanche9000 upgrade boosts network fundamentals, market sentiment remains muted. For now, AVAX’s price hinges on whether demand picks up or support levels hold steady. 📊