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MobileGo Price Tech Analysis 8/24/2017 – Back in Selloff Mode

newsbtc | August 24, 2017 | 4:19 am
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Uncategorized

MobileGo Price Tech Analysis 8/24/2017 – Back in Selloff Mode

newsbtc | August 24, 2017 | 4:19 am

MobileGo chalked up large losses agains bitcoin and ethereum, even as hard fork concerns resurfaced for the former.

MobileGo vs. Bitcoin

MobileGo is down 4.77% against bitcoin, which is actually weakening from its recent rally. Rival bitcoin cash is attracting more investors as it reportedly generates new blocks 1-2 minutes faster than the original core version.

Consolidation can be seen on the MobileGo chart versus bitcoin and a break in either direction seems possible. A move past the 0.0023 level could be enough to confirm that bulls have gotten the upper hand while a move below 0.0022 could be an indication of increased selling pressure.  

More reports indicating stronger support for bitcoin cash, however, could reduce demand for bitcoin and allow MobileGo to take advantage.

MobileGo vs. Ethereum

Against ethereum, MobileGo saw a 4.39% decline in value as it tests another major support zone at 0.0029. A break below this level could expose it to steeper losses as ethereum has also been snagging most of the trading volumes away from bitcoin.

Another long red candle closing below the 0.0029 level could be enough to confirm that sellers have gained the upper hand. But if support holds, MobileGo could climb back to the next resistance at 0.0030 against ethereum. Volume has been sustained on this one so there might be enough investor interest to spur a bounce.

MobileGo vs. USD

Lastly, MobileGo could also be poised to take advantage of dollar weakness since cryptocurrencies have gained in times of risk aversion. Risk-off factors are coming from North Korea and within Washington so it’s no surprise that even the safe-haven dollar is taking a hit.

Trump has threatened to shut down the government if he’s not given the funds to build the wall along the Mexican border. Although some say that his bark is worse than his bite, these kinds of comments usually worsen the rifts within the government. Keep in mind that the Trump administration is still trying to get back on its feet after the political fallout from Charlottesville.

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