MGO Technical analysis

MGO

The MobileGO digital currency has shown positive dynamics in recent months and still remains strong in contrast to the entire falling cryptocurrency market.This is due to the fact that the developers team constantly provides announcements of important events and introduces new technologies.

There are reasons to believe that the positive dynamics will continue in the future. Let us look at the price movement on the MGO/usdt chart for the last 3 months on the example of Bitfinex exchange. The first thing I want to draw attention to is the extremely strong support level(marked with a green line) at the mark of 36 cents. The price has 4 times bounced off it, in one case having made a false breakout. Apparently, this level is important for large buyers and they will continue to defend it until they can close their positions at more interesting prices.

A hidden divergence has formed on the MACD indicator on the 6-hour timeframe - this indicates a possible reversal and local growth.

The market profile shows a trading channel in the range of 3-month support line at the price level of 36 cents up to 63 cents with the maximum volume of trading at 45 cents, and this level in the near future can act as a new support. Also, this level coincides with the lower boundary of the rising wedge. It is advisable to make purchases if the price reaches the area of 45 cents.

Summary: the token is very interesting for adding to your investment portfolio. In a falling market conditions MGO could maintain and improve its position. In addition to the bullish trend on the chart it has a strong team that improves the technical part of the token, adds it to new exchanges, negotiates to new wallets and game developers. Only in the last six months the token was listed on Bitforex, Idax, Digifinex, as well as on such giants as Bitfinex and Huobi.

Publication date: 
01/12/2019 - 15:15
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