SUSHI Price Analysis: Bearish Trends and Resistance Struggles
When analyzing the price of SushiSwap (SUSHI), it is evident that the cryptocurrency is currently displaying strong bearish trends on the daily chart. Despite this bearish outlook, SUSHI is facing challenges in breaking key resistance levels that could potentially signal a trend reversal.
Price Action Analysis
- SUSHI has repeatedly tested both the 200 EMA and the 100 EMA on the daily chart, remaining within the Ichimoku Cloud.
- During Bitcoin’s correction to $66,800 on June 7, SUSHI broke below the Ichimoku Cloud’s baseline, indicating a significant level of support turned into resistance.
Struggle with Resistance Levels
- After breaching the lower boundary of the Ichimoku Cloud, SUSHI encountered strong resistance at this level, hindering its ability to break back above.
- Following Bitcoin’s drop to $70,000, SUSHI plummeted by 12% to reach a weekly low of $0.935, reinforcing the bearish sentiment in the market.
SUSHI Holders: Facing Profitability Challenges
Examining the profitability of SUSHI holders on both the Ethereum blockchain and the Arbitrum network reveals a challenging environment for investors.
Ethereum Holders
- 88.13% of SUSHI addresses on the Ethereum blockchain are currently at a loss, with only 7.66% of addresses in a profitable position.
- Recent changes in the profitability of Ethereum SUSHI holders indicate a downward trend in profitability levels.
Arbitrum Holders
- On the Arbitrum network, the number of addresses holding SUSHI at a loss has increased significantly, signaling a bearish market sentiment.
- Address changes on the Arbitrum network highlight a greater percentage of SUSHI holders experiencing losses compared to earlier in the month.
Hot Take: Bearish Outlook Persists for SUSHI
Despite the struggle to break key resistance levels, SUSHI continues to face downward pressure, with a significant number of holders on both Ethereum and Arbitrum networks experiencing losses. To shift to a bullish trajectory, SUSHI must overcome these challenges and regain ground in the market.
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