US Deploys Forces in Strait of Hormuz for Freedom of Navigation Operation

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 day ago

Should l Buy SCR?

Military Deployment Scale: The U.S. has initiated the 'Freedom of Navigation' operation in the Strait of Hormuz, deploying a missile destroyer, over 100 aircraft, and 15,000 personnel, demonstrating a significant commitment to protecting global trade, particularly as the strait handles 20 million barrels of oil daily, accounting for 30% of the world's seaborne crude oil.
Significant Economic Impact: The operation aims to deter threats against commercial shipping and ensure stable oil prices, as any disruption in the Strait of Hormuz can lead to immediate spikes in global oil prices, with Brent crude futures rising by 2.3% on the announcement day, reflecting market sensitivity to regional tensions.
International Cooperation Initiative: This operation aligns with the U.S. 'Maritime Freedom Initiative,' which enhances cooperation and information sharing among international partners, encouraging nations reliant on the strait to share responsibilities, thereby reducing the burden on the U.S. Navy and ensuring maritime safety.
Strategic Defensive Significance: U.S. Central Command emphasizes that this deployment is defensive, aimed at countering potential threats from Iran, maintaining regional security, and reassuring international shipping companies and insurance markets to prevent conflicts arising from miscalculations.

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Technical Analysis for SCR

Technical Sentiment Analysis for Scroll (SCR). As of , Scroll (SCR) is exhibiting a Strong buy technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 5 indicators are flashing buy, while 1 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SCR stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SCR is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Scroll (SCR) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0355	0.0394	0.0425	0.0464	0.0495	0.0535	0.0566
Fibonacci	0.0394	0.0421	0.0438	0.0464	0.0491	0.0508	0.0535

About SCR

What is Scroll? Scroll is a Layer 2 scaling solution designed to enhance the Ethereum network's efficiency and scalability. It leverages zkRollup technology, a method that plays a crucial role in reducing transaction costs and improving transaction throughput on the Ethereum blockchain. By utilizing zkRollups, Scroll aims to address some of the most pressing issues facing the Ethereum network today, such as high gas fees and network congestion.At its core, Scroll is built on the principles of decentralization and security. It employs zero-knowledge proof technology, which allows for the verification of transactions without revealing any sensitive information about the parties involved. This technology not only ensures privacy and security but also contributes to the scalability of the Ethereum network by enabling more transactions to be processed off-chain.Scroll has been rigorously tested and audited to ensure its reliability and security. It has implemented a bug bounty program to encourage the community to identify and report potential vulnerabilities, further strengthening its security measures. Moreover, Scroll's development approach is open, inviting contributions and feedback from the wider developer community.With its recent launch on the mainnet, Scroll has opened up new possibilities for developers, allowing them to build and deploy Ethereum applications and tools with greater efficiency and at a lower cost. Its compatibility with existing Ethereum applications ensures that developers can easily integrate Scroll into their projects without the need for significant modifications.In summary, Scroll represents a significant advancement in blockchain technology, offering a scalable, secure, and cost-effective solution for Ethereum's scalability challenges. Its use of zkRollup technology and commitment to security and open development make it a promising platform for developers looking to build on the Ethereum network.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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