MobileGo has been trending mostly lower against its peers but the slide has slowed down against bitcoin, ethereum, and the US dollar.
MobileGo vs. BTC
MobileGo is finding support at 0.0007 against bitcoin, although lower highs can be seen to reflect continued downside pressure. A break below support could set off a steeper tumble, possibly until the next floor at 0.0006.
Volume has weakened considerably, likely as traders are holding out for the next set of major catalysts or headlines from both MGO and bitcoin.
Do note that bitcoin has recovered against the dollar in recent trading sessions as traders likely booked profits from the recent slide.
MobileGo vs. ETH
A bit more consolidation in against ethereum has happened in the past few days and price seems to be on the verge of a correction to the broken support around 0.0065. If that area holds as resistance, MobileGo could resume its drop to the 0.0058 lows or create new ones.
Volume is also weaker for this pair as the end of the week, month, and quarter could inspire profit-taking. Still, it’s also worth noting that ethereum suffered a flash crash in GDAX lately and traders might be reluctant to put more funds in this particular cryptocurrency.
MobileGo vs. USD
Lastly, MobileGo is signaling a bit more upside against the dollar as it completed a double bottom formation. It has yet to show bullish momentum past the neckline around 2.0 before confirming that a climb is underway.
Volume has been more or less the same in the past few days so there’s still a good amount of investor interest. A move past the 2.0 mark could lead to a climb to the next ceiling at 2.5 while a bounce could form another low near 1.6.
Dollar demand is expected to weaken moving forward on a combination of risk-on market moves and subdued expectations over the Trump administration’s tax reform agenda. The next FOMC hike isn’t expected to take place until September or even December so the dollar might have little to go on.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
Let’s block ads! (Why?)