MobileGo Price Technical Analysis for 08/29/2017 – Major Reversals Underway?


MobileGo has staged strong gains against bitcoin and ether as rival cryptocurrencies appear to be attracting more investor interest in the past few days.

MobileGo vs. Bitcoin

On the short-term time frame, it can be seen that MobileGo has completed a pullback from its recent rally against bitcoin and looks ready to resume the climb. Price bounced off support at 0.00023 and is on its way to testing the swing high at 0.00024.

Zooming out to a longer-term time frame shows that MobileGo has formed higher lows against bitcoin, also indicative of rising bullish pressure. Support at 0.00020 continued to hold and a break past the nearby area of interest at 0.00025 could send price up to the next barrier at 0.00030 then to 0.00035. Volume has been higher in the past week.

MobileGo vs. ETH

Similar to bitcoin, MobileGo has also advanced against ethereum after completing the pullback to 0.0029. This area appears to be holding as support as reversal candlesticks formed.

Sustained upside momentum could take MobileGo up to the highs just slightly past 0.0030. Volume is also elevated so there may be enough investor interest to take it higher, but a larger pullback could still find support at 0.0027.

Zooming out to a longer-term time frame, however, reveals that the downtrend still seems intact for ethereum. Price is channeling lower and has formed slightly lower lows to show that bears could still have a fighting chance.

Keep in mind that ethereum is taking advantage of the dip in bitcoin interest as traders are wary of incompatibility issues arising from the existence of bitcoin cash. Just recently, it was reported that this rival version is gaining more mining power and therefore investor interest.

MobileGo vs. USD

Against the dollar, MobileGo could also be poised for some gains as the US currency is currently being bogged down by concerns surrounding Hurricane Harvey and the disruption on oil refinery operations. This has also led analysts to predict a sizeable dent on Q3 growth figures.

However, the upcoming NFP release could have a strong impact on USD movement later in the week as this might set the tone for the next FOMC meeting.