Scroll's SCR token suffered a 19% price decline after its much-anticipated airdrop, largely due to widespread dissatisfaction among recipients. The airdrop distributed 5.5% of the total supply, but many participants were unhappy with the small amounts they received.
The negative sentiment and selling pressure have pushed SCR's price to $1.04, marking a significant double-digit loss. Analysts warn of potential further decline as technical indicators show bearish trends.
Technical analysis reveals that SCR's Bull Bear Power, a key indicator, shows a negative value, suggesting sellers dominate the market. Additionally, SCR's price is nearing the lower band of the Bollinger Band, indicating possible sustained bearish momentum.
Sustained sell-offs could see SCR hit new lows, below its current support level of $0.99. However, a shift in market sentiment could drive the price upward again, potentially reaching resistance levels of $1.55 and $1.72 if demand increases.
