Scroll crypto turns bearish: Heavy pressure on psychological $1 level?
- Scroll crypto faced a swift rejection from the $1.4 zone.
- The psychological $1 level might see an influx of demand.
Scroll [SCR] is a Layer 2 scaling solution that leverages zKRollup technology to reduce transaction costs and increase throughput.
It aims to enhance the Ethereum [ETH] network scalability, and the token began trading in October.
Source: CoinMarketCap
The chart above showed that the rejection from $1.4 was quick. In the past 48 hours, the token has shed close to 30% in value.
Additionally, data from DefiLlama showed that the Total Value Locked (TVL) stood at $793 million at press time.
This value is just over $200 million lower than the $995 million TVL it recorded on the 16th of October.
This uptick in activity was…
