Scroll [SCR] represents a Layer 2 scaling solution that utilizes zKRollup technology to lower transaction expenses and boost transaction volume.<\/p>\n
Its primary objective is to improve the scalability of the Ethereum [ETH] network, with trading of the token commencing in October.<\/p>\n
The diagram displayed indicates a rapid rejection at the $1.4 mark. Over the last 48 hours, the token has experienced nearly a 30% drop in value.<\/p>\n
Furthermore, data from DefiLlama indicates that the Total Value Locked (TVL) has currently reached $793 million.<\/p>\n
This figure is approximately $200 million lower than the TVL figure of $995 million documented on October 16.<\/p>\n
This surge in activity was primarily fueled by airdrop farming leading up to the Scroll token airdrop snapshot on October 19.<\/p>\n
The Money Flow Index hovered close to the oversold region within the 1-hour timeframe, signaling significant selling pressure in recent periods.<\/p>\n
The pricing trends quickly turned bearish on October 21, with values dropping swiftly below the $1.28 and $1.19 support levels following the rejection at $1.4.<\/p>\n
Despite efforts by the bulls to reclaim the $1.19 level as a support zone, these attempts were unsuccessful.<\/p>\n
Since the rejection at $1.19, SCR has experienced a 17% decline. Market conditions and trends were heavily bearish in the hourly timeframe.<\/p>\n
The ADX and -DI (yellow and red respectively) were well above the 20 threshold, indicating a prevailing bearish trend. The combination of selling pressure suggested that the $1 threshold could soon be breached.<\/p>\n
Disclaimer: The content presented should not be considered as financial, investment, trading, or any form of advice but rather reflects solely the writer\u2019s personal viewpoint.<\/em><\/p>\n \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":" Scroll [SCR] represents a Layer 2 scaling solution that utilizes zKRollup technology to lower transaction expenses and boost transaction volume. Its primary objective is to improve the scalability of the Ethereum [ETH] network, with trading of the token commencing in October. The diagram displayed indicates a rapid rejection at the $1.4 mark. Over the last<\/p>\n","protected":false},"author":1,"featured_media":28380,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-28378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=28378"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28378\/revisions"}],"predecessor-version":[{"id":28383,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28378\/revisions\/28383"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/28380"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=28378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=28378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=28378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}