MobileGo continues to rake in losses versus counterparts bitcoin and ethereum as news of China shutting down exchanges has weighed heavily on investor sentiment.
MobileGo vs. Bitcoin
MobileGo was off to a weak start this week and appears to be having no success in attempting to break past the 0.00013 resistance. Volume has been subdued but bears are defending that level strongly, likely pushing MobileGo to dip back to the spikes down close to 0.00011.
However, it’s also worth noting that bitcoin is in a weak spot against the dollar and has formed a head and shoulders classic reversal pattern. This could be ominous of further declines, which MobileGo might be able to take advantage of.
MobileGo vs. Ethereum
The downtrend is also continuing for MobileGo versus ethereum as it is down 3.20%. A descending trend line or channel can be drawn to connect the highs in the past few days, which means that MobileGo could aim for new lows closer to 0.00170 next.
Volume has been more sustained for this particular cryptocurrency pairing so there might be enough volatility to keep the selloff going. In any case, price might still find a bit of near-term support around 0.00175.
MobileGo vs. USD
A relief rally has been in play for the US dollar at the start of the week thanks to subdued tensions with North Korea and reports that Hurricane Irma is weakening. This has led to broad gains across US equities, on top of news that GOP leaders will pursue tax reform and budget meetings within the week.
Looking ahead, however, there’s still a pretty good chance that geopolitical risks would return as the UN Security Council moves to vote on North Korean sanctions today. The US has removed an oil embargo and a freeze on Kim Jong-un’s assets from its proposals in hopes of avoiding a veto from China or Russia, but North Korea has previously stated that the US will pay due price if harsh sanctions are imposed.