MobileGo has chalked up significant losses against bitcoin and ethereum as these regained a positive light from the investing community. As it turned out, Morgan Stanley CEO James Gorman said that bitcoin is more than just a fad, allowing this particular currency to rally across the board.
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. Bitcoin
MobileGo is on a steady downtrend against bitcoin for the past few hours but is currently stalling just below 0.0019. Sellers could simply be waiting for more to join the fray, possibly leading to another leg lower below the 0.0018 support zone.
Volume has been subdued in the past few hours but could pick up as bears get wind of how MobileGo is down nearly 13% to bitcoin.
MobileGo vs. Ethereum
MobileGo is lower against ethereum at 13.49% and is also stalling from its recent drop. This could lead to a pullback opportunity to the area of interest at 0.00015 before more selling pressure kicks in.
Volume is lower for this particular cryptocurrency pair so it might need a bigger market catalyst before resuming the trend. Note that ethereum is also facing a network upgrade that could also allow it to handle more transactions at a faster pace, so if the bitcoin reaction is any indication, it could be poised for another round of gains.
MobileGo vs. USD
Against the dollar, MobileGo could also face downside pressure on renewed Fed December rate hike expectations and the focus on tax cuts. This week, US President Trump reiterated his push for fiscal reform, sharing more details on the GOP framework for taxes and urging Senators to push through with the Obamacare repeal.