MobileGo seems to be reacting to various market factors driving its counterparts bitcoin and ethereum, ending in the red against the former and positive against the latter.
MobileGo vs. Bitcoin
MobileGo is a touch lower against bitcoin at -0.08% even as a head and shoulders neckline breakdown occurred for the latter. As it turned out, JPMorgan CEO Jamie Dimon remarked that bitcoin is a fraud and that the bubble will soon burst, leading bulls to liquidate some of their positions in the absence of other reports that could prop it higher.
Volume has been subdued, though, so it could take some time before MobileGo could establish a clearer direction. For now, this pair might simply take its cue from bitcoin price action.
MobileGo vs. Ethereum
Against ethereum, MobileGo has been able to chalk up 1.63% in gains as traders appear to be looking into other digital assets to invest in. Ethereum is also facing a major upgrade within the month and any signs of trouble could lead bulls scurrying.
MobileGo is a dual-blockchain token that will “gamify” the GameCredits Mobile Store which currently has over 300 games from 150 different developers. The token is the first dual-blockchain asset ever issued, as users will be able to transfer it seamlessly between the ethereum and Waves blockchain.
This is achieved by using locked wallets and smart contracts that will be used to implement decentralized features on the GameCredits Mobile platform through ethereum and Waves.
MobileGo vs. USD
MobileGo is facing downside pressure to the dollar, which is currently staging its third consecutive day in rallies for the week. Increased focus on tax reform by the Trump administration in the absence of new updates from North Korea has revived US markets in hopes of fiscal reform happening before the end of the year.
At the same time, positive expectations for this week’s CPI release are also propping the US currency higher across the board as leading indicators such as PMI and PPI have reflected a rebound in input costs that would likely be passed on to consumers. This sets the tone for a hawkish FOMC statement this month.