MobileGo had another mixed run as it seems to be reacting only to its counterparts bitcoin, ethereum, and the dollar.
MobileGo vs. Bitcoin
MobileGo continued to recover against bitcoin as price is currently stalling at a former resistance level. This is holding as support so far and the correction seems to have been completed, paving the way for more gains against bitcoin.
MobileGo volumes are relatively sustained against bitcoin, as the latter faces setbacks pertaining to its hard fork. However, miners are also reporting progress in addressing this issue so there’s some room for upside against bitcoin still.
MobileGo vs. Ethereum
Against ethereum, MobileGo has shown downside momentum after completing its double top breakdown. This is a classic reversal pattern that could signal more losses for the cryptocurrency.
Price is in a steady downtrend against ethereum but the selloff seems to be slowing. This could mean another potential pullback to the short-term ceiling around 0.0040 before bears gain more traction to push for new lows.
MobileGo vs. USD
Lastly, MobileGo rebounded to the US dollar, which weakened across the board on fiscal reform woes in the Trump administration. Price is stalling at an area of interest, too.
There could be more downside for the dollar against MobileGo and other cryptocurrencies as the prospect of tax reform seems further and further away. Headlines are confirming that three Republicans are set to oppose the healthcare bill in Senate, along with the Democrat lawmakers.
This means that the US economy has less stimulus to rely on later this year as the Fed moves to unwind its balance sheet and possibly hike interest rates one more time. Analysts are predicting that it would take until late 2018 at the earliest before tax cuts are announced, and it would take longer for the infrastructure spending to kick in.
Also, the return in risk aversion has benefitted cryptocurrencies so far this week as traders typically search for higher returns in non-traditional assets during these types of market environment.