MobileGo Price Technical Analysis for 07/05/2017 – Bears Aren’t Giving Up!

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After getting a bit of reprieve in the past few days, MobileGo is on the decline once more versus bitcoin, ethereum, and the dollar.

After getting a bit of reprieve in the past few days, MobileGo is on the decline once more versus bitcoin, ethereum, and the dollar.

MobileGo vs. Bitcoin

MobileGo broke below its short-term consolidation support against bitcoin, reflecting a pickup in bearish pressure. This may have been mostly due to the rally in the latter, spurred by bullish remarks from Goldman Sachs analyst Sheba Jafari.

Jafari projected that bitcoin could reach $3615 if it continues on its fifth wave of gains, drawing more bulls to this particular virtual currency.

MobileGo vs. Ethereum

MobileGo also dipped against ether but quickly recovered its losses upon testing support at 0.0054. The long spike indicates that buyers have defended that level quite well and a candle closing past the 0.0056 area could be enough to keep further declines in check.

MobileGo vs. USD

Lastly, MobileGo made a convincing break below its tight consolidation to the dollar. Price has stalled from the slide so a quick pullback to retest the broken support around 1.50 could be underway.

Dollar demand is picking up ahead of the FOMC minutes release during which the Fed could drop more hints on when it might hike rates next. Of particular interest to market watchers also is the timing of the central bank’s balance sheet unwinding, which might also shore up the value of the US currency against all other assets.

By the end of the week, the NFP report should also have an impact on Fed rate hike expectations and therefore dollar price action. Leading indicators have shown strong results so far so traders are keeping their fingers crossed for an upside surprise.

MobileGo is a dual-blockchain token that will “gamify” the GameCredits Mobile Store which currently has over 300 games from 150 different developers. As such, the MobileGo token will be the first dual-blockchain asset ever issued, as users will be able to transfer it seamlessly between the Ethereum and Waves blockchain.

This is achieved by using locked wallets and smart contracts. MGO will be used to implement decentralized features on the GameCredits Moblie platform through Ethereum and Waves.

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Sarah Jenn

Sarah has been involved in the cryptocurrency space since the very beginning. Having stumbled across well hidden discussions in early forums she immersed herself in the industry, and is now a leading author and consultant for a range of bitcoin companies. She loves DASH and mathematics.