MobileGo tumbled against bitcoin and ethereum as these managed to take the lion’s share of the cryptocurrency rebound.
MobileGo vs. Bitcoin
MobileGo chalked up a whopping 15.33% loss to bitcoin as the latter has been surging to one record high after another this week. Renewed sentiment after the bitcoin hard fork has rendered it superior against other cryptocurrency rivals since the upgrade has allowed it to handle more transactions.
MobileGOh as tumbled below a short-term support area, signaling that further losses are in the cards. Volume has also spiked higher during the move to reflect momentum.
MobileGo vs. Ethereum
Against ethereum, MobileGo was also in a weak spot as it dropped 14.93%. Price appears to be forming a double bottom, though, but is testing resistance at the broken 0.0028 support.
Volume is weaker for ethereum, however, as much of investor interest has been on bitcoin.
MobileGo vs. USD
Lastly, MobileGo was flat to the dollar as traders might be waiting for more clues on Fed policy. The CPI report printed last Friday turned out weaker than expected and may have dampened demand for the currency on lower Fed rate hike hopes.
The retail sales report is due next and this might not generate as much of a reaction from the dollar unless the actual figures post either a significant upside or downside surprise. The FOMC meeting minutes might have more of an impact on the dollar against its peers.
Apart from that, market sentiment could also determine where MobileGo might trade next. Cryptocurrencies generally gain support during risk-off days since investors are on the hunt for higher returns outside of traditional markets that might be impacted by geopolitical risk.
But with bitcoin leading the rallies these days, other cryptocurrency alternatives like MobileGo haven’t been so fortunate. An improvement in market sentiment if the tension with North Korea eases could also mean profit-taking for MobileGo and further losses.