Market Overview: Scroll (SCRUSDT) – 24-Hour Price Action Analysis

• Price declined 9.3% over 24 hours, closing at $0.386 after a sharp sell-off late in the session.
• Volume spiked sharply in early hours, with a peak of $904k notional in the 00:30–00:45 ET window.
• Bearish engulfing pattern confirmed at $0.405–0.401, suggesting continued downward pressure ahead.
• RSI hit oversold territory, hinting at potential for short-term bounce but limited reversal strength.
• Bollinger Bands expanded sharply, reflecting increased volatility during the sell-off.

Scroll (SCRUSDT) opened at $0.401 on August 23 at 12:00 ET and closed at $0.386 on August 24 at 12:00 ET, with a high of $0.408 and a low of $0.375. The 24-hour notional volume reached $6.15 million, with total turnover (price × volume) at approximately $2.37 million.

Structure & Formations

The price of Scroll faced a key resistance cluster around $0.401–0.405, which failed to hold as bears pushed the price down late in the session. A bearish engulfing pattern formed at the $0.405–0.401 level, confirming a shift in sentiment. A doji candle emerged around $0.397–0.398, suggesting indecision before the sharp sell-off. A clear support level appears forming at $0.381–0.385, which may be tested again.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed below key resistance levels during the sell-off, confirming the bearish bias. On the daily chart, the 50-period MA sits above the 200-period MA, indicating intermediate-term bearish momentum.

MACD & RSI

The 15-minute MACD turned sharply negative as selling pressure intensified after midnight. RSI dropped below 30 in the early hours of the session, signaling oversold conditions, but without a strong reversal candle, momentum may remain weak.

Bollinger Bands

Bollinger Bands expanded significantly after 01:00 ET, reflecting the heightened volatility of the sell-off. Price briefly tested the upper band before collapsing toward the lower end, suggesting a breakdown in volatility.

Volume & Turnover

Volume spiked to $904k in the 00:30–00:45 ET window, followed by a sustained drop-off as price fell. The notional value of trades also dropped sharply during the lower part of the session, suggesting reduced conviction in the move lower. Divergence between price and turnover suggests weak follow-through in the bearish move.

Fibonacci Retracements

The 61.8% Fibonacci retracement of the recent 15-minute move from $0.404 to $0.375 aligns with the $0.388 level, which appears to have acted as a temporary floor. The 38.2% retracement sits at $0.395 and may offer limited support on a rebound.

Scroll faces immediate support at $0.381 and key resistance at $0.401. A short-covering bounce into $0.395–0.397 may occur, but bears appear to have the upper hand. Traders should watch for a break below $0.381 or a rejection above $0.401 for clearer directional bias. Volatility remains high, and unexpected moves could disrupt short-term positioning.