MobileGo continues to play counterpart to bitcoin and ethereum as it simply reacts to market factors driving those two cryptocurrencies lately.
MobileGo vs. Bitcoin
MobileGo was able to rebound 0.3% against bitcoin but a reversal pattern seems to be forming on the hourly time frame. A bit of a head and shoulders formation can be seen with price starting to break below the neckline at 0.000130.
The chart pattern spans 0.000130 to 0.000135 so the resulting selloff could be of the same size, taking MobileGo to 0.000125 against bitcoin next.
Volume popped higher so far this week to signal increased investor interest, which might probably be enough to sustain any breakouts. Bitcoin has been rebounding across the board after bouncing off a major area of interest against the dollar and seemingly brushing off news that China is officially curbing cryptocurrency activity in the country.
MobileGo vs. Ethereum
Against ethereum, MobileGo is still treading mostly sideways but appears to have broken below the support of a symmetrical triangle formation and is down 4.24%. This pattern spans 0.00177 to 0.00187 so the resulting selloff could be around the same height.
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 could be able to score some gains to the US dollar this week as the FOMC is gearing up to announce its policy decision. No interest rate hike is expected for now, a contrast from expectations earlier in the year, but bulls are still hopeful that a December move is possible.
The Fed is also scheduled to print its updated economic forecasts and downgrades to GDP are eyed owing to the impact of Hurricanes Harvey and Irma. Also note that US retail sales turned out to be a disappointment so the Fed might stay cautious for now.
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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