The recent pickup in MobileGo price was not sustained against bitcoin, ethereum, and the US dollar. Double top patterns can now be seen to signal more losses.
MobileGo was up 3% against bitcoin during the latest update but is now down nearly 9% even as the latter was also on weaker footing. A bit of a double top formation can be seen over the past couple of days, signaling that more declines are underway.
MobileGo has broken below support around 0.00031, which happens to be the neckline of the double top pattern. This formation spans 0.00031 to 0.00034 so the resulting drop could be of the same size. Volume has ticked higher in the past few hours to reflect stronger investor interest.
Against ethereum, MobileGo is down more than 5% and has also completed a double top breakdown. This pattern spans the neckline at 0.0036 to 0.0038 so the resulting selloff could last until 0.0034.
Volume has also picked up, leading to a sharp spike to the tops before gaining traction with the selloff. Sustained bearish momentum could lead to more losses for MobileGo but profit-taking activity could also be underway soon as the end of the week approaches.
Lastly, MobileGo chalked up most of its losses to the dollar, as the US currency has enjoyed some support from Fed remarks on balance sheet unwinding. According to Chairperson Yellen, the central bank could start their runoff later this year and that this would put upside pressure on long-term rates, which then boosts demand for the dollar.Â
US economic reports have also been mostly upbeat, with the 0.1% gains in producer prices for June likely factoring in a rebound in the CPI figures due today. US retail sales reports are also lined up and gains are eyed, supporting the idea that consumer spending is supporting overall growth prospects.
Stronger than expected results could continue to lift the dollar against MobileGo on renewed rate hike expectations for September or December. On the other hand, downbeat figures could lead to a pullback to the double top neckline at 0.70 or a bounce higher.
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