SushiSwap (SUSHI) is currently grappling with a prolonged downturn in its price, facing considerable selling pressure that threatens further declines. Analysts and market observers are closely monitoring critical support and resistance levels to assess the cryptocurrency's future trajectory.

On daily charts, SUSHI's price trajectory appears bearish, as indicated by repeated tests of both the 200-day and 100-day exponential moving averages (EMA). These technical indicators are crucial for determining price stability amidst ongoing market volatility. Notably, SUSHI recently slipped below the base line of the Ichimoku Cloud during Bitcoin's correction to $66,800, signaling vulnerability to additional downward pressure.

The breach of these vital support levels could accelerate SUSHI's downward momentum, highlighting the significance of these technical patterns in predicting future price actions. Recent attempts to overcome resistance at the lower boundary of the Ichimoku Cloud have been met with strong selling pressure. Following Bitcoin's drop to $66,000, SUSHI experienced a corresponding decline, falling 12% to a weekly low of $0.935. A potential recovery scenario hinges on reclaiming ground above the Ichimoku Cloud's base line, which could signal a reversal of bearish sentiment and initiate an upward trend.

Insights from Ethereum blockchain data reveal a challenging landscape for SUSHI investors, with 88.13% of addresses currently at a loss. In contrast, only 7.66% are profitable, while 4.2% are at a break-even point. This disparity underscores cautious sentiment among investors and emphasizes the importance of surpassing critical resistance levels to restore confidence and profitability.

Fluctuations in profitability among SUSHI holders from June 1 to June 12 reflect broader market volatility and uncertainty. The ongoing price decline and testing of crucial support levels have heightened concerns among investors. A potential path to recovery involves surpassing the Ichimoku Cloud's base line, which remains pivotal for restoring bullish momentum and signaling a positive outlook.

Overall, SushiSwap's current challenges underscore the importance of closely monitoring technical indicators and market trends. Investors navigating these turbulent waters are advised to remain vigilant, considering the inherent risks associated with cryptocurrency investments. As SUSHI seeks stability amidst market pressures, the community anticipates developments that could potentially shift its trajectory towards a more favorable direction.