MobileGo Technical Analysis for 06/28/2017 – Will the Drop Continue?

MobileGo is trending lower against bitcoin, USD, and ethereum lately but might be due to test areas of interest. Price is in a descending channel against BTC and USD since the end of last week and could be due for a quick bounce, either to pullback from the drop or to recover to the highs.

MobileGo is a dual-blockchain token that gamifies the GameCredits Mobile Store which currently has over 300 games from 150 different developers. The token will be the first dual-blockchain asset ever issued, as users will be able to transfer it seamlessly between the Ethereum and Waves blockchain by using locked wallets and smart contracts. It will be used to implement decentralized features on the GameCredits Moblie platform through Ethereum and Waves.

MobileGo vs. BTC

Price seems to be forming a double bottom pattern on the latest lows against bitcoin, with the neckline still due for a test. A break past this level could lead to a move up to the next resistance level or last week’s highs. Note that MobileGo is also treading around a longer-term area of interest that held as resistance since mid-June.

MobileGo vs. ETH

MobileGo is trading sideways against ethereum, likely as the latter has experienced a flash crash and investors have been liquidating their holdings due to uncertainty. A break past the resistance at 0.008 could lead to more gains against ethereum but a break below the 0.007 level could lead to losses until the next support at 0.004.

MobileGo vs. USD

Lastly, MobileGo is also trending lower against the dollar and is approaching a former resistance at 1.5. A bit of double bottom could also be seen and the neckline is close to the 2.0 major resistance. A break past this area of interest could open the path for a move to the 2.5 level and beyond. On the other hand, a break below 1.5 could expose it to a drop to the 1.0 mark.

Note that Fed head Yellen is due to give a speech this week and hawkish remarks could spur a lot of demand for the US currency as it would seal the deal for another rate hike before the year ends.