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SushiSwap (SUSHI) struggles with a downward trend in its price. Critical levels in the cryptocurrency may determine the direction of the price. So, what are these critical support and resistance levels in the cryptocurrency? Here is the latest situation in SUSHI!
Critical Support in SUSHI
According to experts, the SUSHI price may continue its downward trend in daily charts. While moving within the Ichimoku Cloud, it has tested both the 200 EMA and the 100 EMA multiple times. In recent periods, during Bitcoin’s correction to $66,800, SUSHI fell below the base line of the Ichimoku Cloud, which is a significant support and resistance level.
According to data obtained from cryptocurrency analytics companies, if SUSHI breaks below its critical support levels, the downward momentum may continue. In the popular altcoin, moving averages are as important as support and resistance levels.
SUSHI Price Analysis
After surpassing the lower boundary of the Ichimoku Cloud, SUSHI faced strong resistance in subsequent breakout attempts at this level. With Bitcoin’s recent downward momentum falling to $66,000, SUSHI made a similar move and dropped by 12% to a one-week low of $0.935. For SUSHI to rise again, it may need to climb back above the base line of the Ichimoku Cloud.
An analysis of altcoin holders highlighted a data point. The past inflow/outflow addresses of SUSHI holders stand out. The indicated metric can provide information about the profitability of addresses holding SUSHI based on the token’s current price. On the Ethereum blockchain, 100,670 addresses or 88.13% are holding SUSHI at a loss. Additionally, 8,750 addresses representing 7.66% are profitable, and 4,800 addresses or 4.2% are at break-even. From June 1 to June 12, there were notable changes in the profitability of addresses holding SUSHI on Ethereum. As a result, SushiSwap (SUSHI) price is declining and testing critical support levels. Most investors are at a loss, and for the price to rise again, it needs to climb above the base line of the Ichimoku Cloud.
