Scroll Price Signals A Rebound Within The Bearish Channel

The SCR/USD chart shows a clear downtrend within a bearish channel, with the price currently at $1.03417. It is approaching a key support level near $1.00

The Scroll price has dropped sharply following the announcement of its first airdrop and the SCR token listing on several exchanges.

As highlighted by Anon Vee on X, there is growing discontent within the Scroll community regarding the project's token allocation strategy. Many users feel that the SCR token distribution is unfair, particularly criticizing the team for allocating 23% of the tokens to themselves.

Scroll team is so greedy!

After allocating # to themselves, they also chose to sybil the airdrop by allocating team addresses 1m marks each

Note: the average marks per user is around 300. pic.twitter.com/xhAHbcxqqz

— Anon Vee (@AnonVee_) October 18,2024

There are also allegations that the Scroll team engaged in Sybil-like behavior, which has diluted the rewards for regular users.

The SCR/USD chart shows a clear downtrend within a bearish channel, with the price currently at $1.03417. It is approaching a key support level near $1.00, which could act as a floor for a potential rebound. The 50 SMA at 1.1186 serves as a resistance level, indicating that the bearish trend may continue unless the price breaks above it.

The MACD shows a slight bullish crossover, with the MACD line just above the signal line, suggesting a possible weakening of bearish momentum. However, the crossover is weak, as the MACD histogram value is still negative at -0.03365739.

SCRUSD Analysis Source: Dextools.io

The RSI is currently at 36.56, close to the oversold territory, implying that selling pressure may be diminishing. This combination of indicators hints at a possible short-term rebound, though it is not fully confirmed yet.

Volume has spiked near the support zone, indicating increased market activity, which could be a sign of accumulation as traders anticipate a bounce. If the Scroll price holds the $1.00 support level and the RSI recovers further, it may lead to a reversal.

On the other hand, a failure to break above the 50 SMA could mean that the bearish trend will persist, with a potential drop below $1.00 if support weakens.

The trend is still bearish, but there are early signs of a potential rebound if key levels hold. Monitoring price action at the 1.00 support and looking for confirmation from the MACD and RSI will provide clearer insight into the next move.

As the Scroll price dumps, investors continue to pump cash into the new PEPE derivative Pepe Unchained (PEPU), which has crashed past $21.9 million in funds raised in its presale.

Whales have often bought the token this past month, with the most recent big buy coming on Oct. 21, when one exchanged $53,563 worth of ETH for 4.6 million $PEPU tokens.

According to an analyst from the 99Bitcoins YouTube channel, which has a huge following of over 706k subscribers, PEPU could potentially surge by 100X once it officially launches.

PEPU comes with its own Layer 2 blockchain, designed to liberate the OG PEPE meme coin from the slow and costly Ethereum network. This new platform offers transactions that are up to 100 times faster than those on Ethereum, as well as significantly lower gas fees.

What’s more, PEPU is fully compatible with Ethereum’s decentralized applications (dApps), allowing users to enjoy increased speed while still benefiting from the broader Ethereum ecosystem.

In addition to its speed and cost advantages, PEPU aims to open its network to the meme coin space, creating a new, scalable platform for innovative and entertaining crypto projects.

This is how jacked we are for the L2

We know you are too ? pic.twitter.com/T7yJ4RCA84

— Pepe Unchained (@pepe_unchained) October 22,2024

To support this vision, the developer grant program, aptly named “Frens with Benefits,” is currently open, inviting talented developers to build on the Pepe Chain ecosystem.

Holders of PEPU tokens can also stake them for a huge annual return of 103%.

Currently priced at $0.01176, PEPU can be purchased using ETH, USDT, BNB, or even a bank card. With a price increase in less than 22 hours, buy soon to secure the best deal.

Buy PEPU tokens on the official website here.

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