Why Is Everscale (EVER) Surging? How Far Higher Can Price Go in Short-Term?

Everscale (EVER) has seen significant gains recently, surging by over 28% in the past 24 hours and 55% in the past week. But what is behind this rapid increase, and how much higher could the price potentially climb in the short term?

What is Everscale?

Everscale is a high-speed and secure blockchain network built on the Telegram Open Network (TON) architecture originally developed by Telegram back in 2018. It has the capacity to process millions of transactions per second, making it well-suited for large-scale decentralized applications.

After Telegram was forced to abandon their blockchain plans due to regulatory issues, the TON code was open sourced, allowing the Everscale network to be created from the technology. With strong fundamentals and increasing adoption from developers, enthusiasm is growing around Everscale’s long-term potential.

Technical Analysis: Is There a Room to Run Higher

An in-depth look into its technical analysis shows key indicators suggesting Everscale’s price spike likely still has room to continue upwards in the near-term:

Relative Strength Index Shows No Overbought Conditions Yet

Despite the rapid price increase, Everscale’s relative strength index (RSI) is presently at 68 on the daily timeframe. While this means the asset may be approaching overbought territory above 70, it also signals there is likely still some way to go before a reversal or retracement becomes highly probable based on RSI alone.

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Key Resistance and Support Levels

The current Everscale price sits around $0.053, with the next level of resistance found at $0.056. Breaking above that threshold could drive the price higher still in the shorter term.

On pullbacks, there is initial support at $0.051 to watch for temporary dips, with a stronger floor at $0.044 should a deeper retracement occur before continuing the broader upside move.

So in summary, while the powerful rally may need to cool off eventually, there are currently no major warning signs hinting the Everscale surge is over just yet. The blockchain’s ongoing development combined with positive market sentiment seem likely to push the price higher in the near-term if key technical levels can continue being surpassed to the upside.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.