MobileGo finally staged a solid bounce against its counterparts bitcoin, ethereum, and the US dollar after days of declines.
MobileGo vs. Bitcoin
MobileGo is up 3% against bitcoin as the latter suffered a sharp tumble on speculations that the bubble is starting to burst. Bearish remarks from several analysts have also contributed to the bitcoin tumble across the board, with some citing that the end of the easy monetary policy era could lead to massive unwinding in bitcoin portfolios.
MobileGo is still hovering around the 0.00030 support versus bitcoin, though, and price has yet to show strong upside momentum. If it fails to do so, it could have another chance at a bounce off the next support around 0.00028. Volume is still noticeably subdued for this one.
MobileGo vs. Ethereum
Against ethereum, MobileGo is up by 6.69% as the former suffered a sharp decline below $200 recently. A bit of a bearish flag can be seen and a break below this tight short-term consolidation could mean another long wave down for ethereum, possibly until the lows at 0.0032.
Volume is also nearly flat but could get a boost once ethereum tests the nearby area of interest at 0.0035.
MobileGo vs. USD
Lastly, MobileGo is up nearly 2% to the dollar as it rests around an area of interest at 0.67. A bounce off this level could take it to the nearby inflection point at 0.70 while a break could lead to a test of 0.60.
Mixed monetary policy biases from Fed officials have contributed to the dollar’s tossing and turning in the past few days, but demand for the currency remains sustained since the economy printed a stronger than expected jobs report.
A couple of less hawkish members, Brainard and Kashkari, have mentioned in their speeches that the central bank should take a long hard look at the subdued inflation readings before considering hiking interest rates again. However, the mention of balance sheet unwinding to start later this year was able to outweigh the bearish impact on the US dollar and keep it supported against its peers like MobileGo.