A project known as Scroll [SCR] has made significant strides as a Layer 2 scaling solution by utilizing zKRollup technology to decrease transaction expenses and increase capacity.<\/p>\n
Its primary goal is to improve the scalability of the Ethereum [ETH] network, with the token commencing trading during October.<\/p>\n
An examination of recent trends reveals a rapid rejection from the $1.4 level, resulting in a nearly 30% decline in the token’s value within the past 48 hours.<\/p>\n
Furthermore, data from DefiLlama indicates that the Total Value Locked (TVL) currently rests at $793 million, a decrease of over $200 million from the $995 million TVL recorded on October 16th.<\/p>\n
This surge in activity stemmed from airdrop farming activities leading up to the Scroll token airdrop snapshot scheduled for October 19th.<\/p>\n
Analysis of the Money Flow Index on the 1-hour timeframe indicates proximity to oversold conditions, signaling substantial selling pressure in recent periods.<\/p>\n
On October 21st, a shift towards bearish sentiment occurred within a short timeframe, with prices swiftly plunging below the $1.28 and $1.19 support levels.<\/p>\n
Although attempts were made by bulls to reclaim the $1.19 level as a supportive zone, these efforts were unsuccessful.<\/p>\n
Following the recent rejection at $1.19, SCR has experienced a 17% decline, with the market outlook demonstrating a pronounced bearish trend on the hourly chart.<\/p>\n
Indicators such as the ADX and -DI (yellow and red, respectively) currently stand well above the 20 mark, pointing to a robust ongoing bearish movement. Given this scenario, the likelihood of the $1 level being breached in the near future seems plausible.<\/p>\n
Disclaimer: The information provided is purely the author’s perspective and does not constitute financial, investment, trading, or any other form of advice<\/em><\/p>\n \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":" A project known as Scroll [SCR] has made significant strides as a Layer 2 scaling solution by utilizing zKRollup technology to decrease transaction expenses and increase capacity. Its primary goal is to improve the scalability of the Ethereum [ETH] network, with the token commencing trading during October. Intense Bearish Momentum for Scroll Cryptocurrency An examination<\/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-28379","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\/28379","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=28379"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28379\/revisions"}],"predecessor-version":[{"id":28384,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28379\/revisions\/28384"}],"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=28379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=28379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=28379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}