SushiSwap (SUSHI) is experiencing a downward trend, confronting crucial support levels that will influence its future price direction. Analysts point to significant price levels that could determine whether SUSHI continues to decline or finds stability.
What Is the Critical Support in SUSHI?
Experts highlight that SUSHI’s price may maintain its bearish trajectory as observed in daily charts. The token has repeatedly tested both the 200-day and 100-day Exponential Moving Averages (EMA) while moving within the Ichimoku Cloud. Recently, during Bitcoin‘s correction to $66,800, SUSHI slipped below the Ichimoku Cloud’s base line, a key support and resistance threshold.
Data from cryptocurrency analytics firms indicate that if SUSHI breaks through critical support levels, the downward trend could persist. For the popular altcoin, moving averages are as crucial as the support and resistance levels for determining price movements.
How Is SUSHI’s Price Performing?
Following a descent below the Ichimoku Cloud’s lower boundary, SUSHI has faced robust resistance in its attempts to break through again. Reflecting Bitcoin’s recent drop to $66,000, SUSHI fell by 12%, reaching a one-week low of $0.935. For a potential rebound, SUSHI may need to climb back above the Ichimoku Cloud’s base line.
Key Insights for Investors
– Monitor the 200-day and 100-day EMAs for potential support or resistance.
– Pay attention to SUSHI’s position relative to the Ichimoku Cloud base line.
– Analyze the inflow/outflow addresses to gauge the profitability of holding addresses.
– Recognize that the majority of SUSHI holders on the Ethereum blockchain are currently at a loss, which can influence investor sentiment.
In conclusion, as SushiSwap (SUSHI) continues its downward trajectory and tests significant support levels, investor focus remains on whether it can recover and climb above the Ichimoku Cloud base line. Most current holders are experiencing losses, underscoring the importance of these critical levels in determining the token’s price direction.