SushiSwap (SUSHI) has been grappling with a persistent downward trend in its price, facing significant pressure that threatens to push it further down. The cryptocurrency's future direction hinges on critical support and resistance levels that experts are closely monitoring. This detailed analysis aims to shed light on the latest developments affecting SushiSwap.

According to analysts, SUSHI's price trajectory appears bearish on daily charts. The cryptocurrency has repeatedly tested both the 200-day and 100-day exponential moving averages (EMA) while navigating the Ichimoku Cloud, a critical indicator used to assess support and resistance levels. Recently, during Bitcoin's correction to $66,800, SUSHI slipped below the base line of the Ichimoku Cloud, which is a crucial threshold for maintaining price stability.

If SUSHI breaches these vital support levels, the downward momentum could accelerate, leading to further price declines. The importance of moving averages in determining support and resistance cannot be overstated, as they provide a framework for predicting future price movements. Investors are particularly concerned about the implications of these technical patterns and are keenly observing the evolving market dynamics.

Despite efforts to surpass the lower boundary of the Ichimoku Cloud, SUSHI has encountered formidable resistance in its attempts to break out above this level. The recent downward shift in Bitcoin's price to $66,000 mirrored a similar move in SUSHI, resulting in a 12% drop to a weekly low of $0.935. For SUSHI to recover and initiate an upward trend, it would need to regain a position above the Ichimoku Cloud's base line, which serves as a significant benchmark for bullish momentum.

An analysis of SUSHI holders reveals insightful data regarding their profitability. On the Ethereum blockchain, a substantial number of addresses holding SUSHI are currently at a loss. Specifically, 100,670 addresses, or 88.13%, are underwater, while only 8,750 addresses, representing 7.66%, are profitable. Additionally, 4,800 addresses, or 4.2%, are at a break-even point. This data highlights the challenging landscape for SUSHI investors and underscores the necessity for a price rebound above critical resistance levels to restore confidence and profitability.

From June 1 to June 12, there were notable fluctuations in the profitability of addresses holding SUSHI on Ethereum, reflecting the broader market's volatility. The ongoing decline in SUSHI's price and the testing of critical support levels have left most investors in a precarious position. For the cryptocurrency to regain upward momentum, it must surpass the Ichimoku Cloud's base line, which acts as a pivotal point for potential recovery.

Overall, SushiSwap's current predicament underscores the importance of closely monitoring technical indicators and market trends. Investors are advised to stay vigilant and consider the inherent risks associated with cryptocurrency investments. As SUSHI continues to navigate these turbulent waters, the cryptocurrency community remains hopeful for a turnaround that would signal a more favorable outlook for the future.