MobileGo resumed its slide to its peers bitcoin, ethereum, and the US dollar as bullish momentum looks ready to return for those counterparts.
MobileGo vs. Bitcoin
MobileGo followed up with another dip to bitcoin from earlier this week even as the latter has split into two versions. Even though incompatibility issues are preventing bitcoin from rallying much higher, many believe that the newer version could soon lose network support since it is only being accepted by very few exchanges.
Volumes of MobileGo ticked higher against bitcoin earlier today, leading to a sharp pop in volatility. However, this did little to bust MobileGo out of its range as support around 0.00030 still held and price might be on its way to test the resistance at 0.00032 again.
MobileGo vs. Ethereum
Against ethereum, MobileGo is still in a weak spot as this particular cryptocurrency has been gaining investor interest while bitcoin split into two versions. Price tumbled in August 1 and a correction seems to be underway.
Volume has been subdued, keeping MobileGo trading sideways from here. Support at 0.0038 has been holding and a break lower could lead to a move to 0.0037 next. On the other hand, sustained bullish pressure could lead to another test of 0.0040 or even a break higher.
MobileGo vs. USD
Lastly, MobileGo has returned most of its recent gains to the dollar as the latter is currently being buoyed by positive NFP expectations. Even though the ISM manufacturing survey and the ADP non-farm employment report indicated a slowdown in hiring for July, traders don’t seem to be expecting too much from the official figures so anything close to consensus could keep USD supported.
Dollar demand also stayed intact even though a few Fed officials warned that soft inflation should prompt policymakers to rethink another interest rate hike. They did say that the balance sheet unwinding should start this fall and this might lend some upside pressure to the dollar anyway.
The political chaos in the White House seems to have subsided and traders are finding comfort in how new chief of staff Kelly seems inclined to bring order to the administration and keep it on track towards pushing its fiscal agenda.