Analysis

MobileGo Price Technical Analysis 7/26/2017 – Still In Red

Sarah Jenn | July 26, 2017 | 5:10 am
mgoeth
Analysis

MobileGo Price Technical Analysis 7/26/2017 – Still In Red

Sarah Jenn | July 26, 2017 | 5:10 am

MobileGo is still in a weak spot against most of its peers, particularly the US dollar which is being buoyed by positive fiscal and monetary policy expectations. Meanwhile, the prospect of bitcoin options also lifted its cryptocurrency rivals.

MobileGo vs. Bitcoin

MobileGo continues to tumble versus bitcoin as the latter is enjoying strong support after the BIP 91 lock-in. This eased hard fork concerns and paves the way for the upgrade to SegWit2x once the grace period passes.

Price appears to be pulling back to a near-term broken support level at 0.00034 and holding as resistance could spur another move back to the lows at 0.00032. Stronger selling pressure could lead to a drop to the 0.00030 level.

Volumes of MobileGo ticked slightly higher on that spike up but remain relatively subdued against bitcoin. A pickup in buying pressure, however, could lead to a spike to the next ceiling at 0.00038 or higher.

MobileGo vs. Ethereum

Against ethereum, MobileGo is still in a weak spot but it managed to limit its losses. Price appears to be forming a double bottom pattern that could be indicative of a larger rally later on.

The formation spans 0.0041 to 0.0044 so the resulting breakout could be of the same size. However, there’s also strong resistance located at the 0.0046 level so the gains could be limited to that point.

MobileGo vs. USD

Lastly, MobileGo kept tumbling to the dollar as traders are pricing in upbeat expectations for the FOMC statement. CPI and retail sales figures have come in short of estimates but leading indicators released more recently could keep the Fed optimistic.

Any indication that they would push through with another rate hike in September or December, along with their balance sheet unwinding, could lead to stronger gains for the US currency.

The dollar is also enjoying support from progress in healthcare reform after the Senate voted to open the debate on replacing or repealing Obamacare. VP Mike Pence broke the tie and marked the start of the amendment period, reviving hopes that fiscal reform plans could carry on.

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