MobileGo advanced against ethereum but tumbled against bitcoin, as the latter zoomed up to new record highs versus the dollar earlier this week.
MobileGo vs. Bitcoin
MobileGo continued to slide against bitcoin as sentiment improved for the latter on the lack of major issues surrounding the hard fork. Although two separate versions of the cryptocurrency exist, the new version is only being accepted by few exchanges so there are no incompatibility issues yet and the network is able to handle more transactions regardless.
MobileGo tumbled below the near-term support around 0.00029 to bitcoin and found support close to 0.00028. Price could retreat to the broken support, which might hold as resistance from here. If so, another dip to the latest lows or a break lower to 0.00027 could be seen.
MobileGo vs. Ethereum
Against ethereum, MobileGo was able to make a bit of a rebound but this may be a mere correction from the drop. Price also fell below a near-term ascending trend line support around 0.0037 so a pullback to this area of interest might be seen.
Volume has been supported in the past few trading sessions so there may be enough volatility to spur a correction before the selloff resumes.
MobileGo vs. USD
Lastly, MobileGo was flat to the dollar on the lack of major catalysts from the US economy. US President Trump is also on vacation so there have been no political troubles pushing the currency around as well. The next major catalysts could be the CPI on Friday and the retail sales next week, along with the FOMC minutes.
Fed officials Bullard and Kashkari stressed the need to start the balance sheet runoff soon since this won’t have much of an impact on the markets anyway. Kashkari acknowledged that the economy is doing pretty well but that wage growth has been slow. He also warned that reducing immigration could further hurt wage inflation, but Bullard mentioned that it has been in line with GDP and productivity growth so far.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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