Analysis

MobileGo Price Technical Analysis for 08/01/2017 – Where To Next?

Sarah Jenn | August 1, 2017 | 5:05 am
Analysis

MobileGo Price Technical Analysis for 08/01/2017 – Where To Next?

Sarah Jenn | August 1, 2017 | 5:05 am

MobileGo had a mixed performance as it mostly reacted to factors driving bitcoin, ethereum, and the US dollar.

MobileGo vs. Bitcoin

MobileGo is still sliding lower to bitcoin even as the latter faces a make-or-break moment with potential hard fork issues arising. Many are sitting on the edge of their seats to find out if the cryptocurrency can garner enough support for a network upgrade to SegWit2x this August 1.

Volumes of MobileGo are still subdued against bitcoin as trades are likely refraining from taking any large positions for now. Price has pulled up to the broken neckline support around 0.0035 and this might keep gains in check before the selloff resumes.

MobileGo vs. Ethereum

Against ethereum, MobileGo is still in a weaker spot as this particular cryptocurrency has been gaining investor interest while bitcoin faces a conundrum. Price is also pulling up to a broken support zone, which might hold as resistance from here.

Volume has ticked higher as price is testing a major inflection point. If resistance around 0.0042 to 0.0043 holds, MobileGo could tumble back to 0.0040 against ethereum again.

MobileGo vs. USD

Lastly, MobileGo is able to take advantage of dollar weakness. The US currency is being bogged down by negative developments in Washington, once again casting doubt on the administration’s ability to push its fiscal reform agenda.

Dollar traders could now turn their attention to the upcoming core PCE price index release, along with personal spending and income data ahead of Friday’s NFP. Last week, the US advanced GDP reading beat expectations to keep rate hike expectations for September or December.

However, further political concerns internally as Trump keeps firing one senior official after another and externally related to North Korea’s ICBM test are weighing on dollar gains. MobileGo is able to take advantage as it also limits its losses against bitcoin which faces a potential hard fork.

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