Dogecoin rose to a one month high to begin the weekend as markets barely rebounded on Saturday. Today's session saw the token rise by 10%, breaking through a key resistance. Solana was another noteworthy gainer, reaching an 11-day peak.
Dogecoin (DOGE).
Dogecoin was one the most prominent movers on Saturday, with the meme coin reaching a one month high today.
After a Friday low of $0.05974 DOGE/USD rose to an intraday high of $0.06797 on Friday to begin the weekend.
Today's surge saw the token move past $0.06540 as a resistance level and reach its highest point since August 26th.
The chart shows that DOGE has fallen from its earlier highs as the relative strength index (RSI), 14-day, collided with a ceiling.
The index currently tracks at 56.59 as of writing. This is slightly below the resistance of 57.00.
DOGE currently trades at $0.06572, slightly higher than its price ceiling of $0.06540.
If bulls try to push the token beyond this point, the RSI will have to first break out.
Solana (SOL)
Dogecoin was not the only notable gainer today. Solana (SOL), a token that moved closer to resistance, was also a notable gainer.
SOL/USD soared to $34.70 today. Prices climbed higher for the third consecutive session.
Today's peak resulted in the ninth-largest cryptocurrency in the world climbing to its highest point since September 13.
Bulls are now looking to push prices higher. A ceiling of $36.50 is a possibility, should the momentum continue.
SOL traded over 4% higher this week despite the volatility seen in crypto markets.
The moving average of the 10-day (red) appears to have crossed its counterpart in the 25-day (blue), which could indicate that further gains are possible.
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Could solana reach $40.00 by the end of the month We'd love to hear your comments.
Frequently Asked Questions
Is physical gold allowed in an IRA.
Not only is gold paper currency, but it's also money. Gold is an asset people have used for thousands years as a place to store value and protect their wealth from economic uncertainty and inflation. Investors use gold today as part of their diversified portfolio, because it tends to perform better in times of financial turmoil.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
One reason is that gold has historically performed better than other assets during periods of financial panic. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During turbulent market conditions gold was one of few assets that outperformed stock prices.
One of the best things about investing in gold is its virtually zero counterparty risk. You still have your shares even if your stock portfolio falls. You can still own your gold even if the company where you invested fails to pay its debt.
Finally, gold is liquid. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. The liquidity of gold makes it a good investment. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
Should You Purchase Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. However, today many people are turning away from traditional investments such as stocks and bonds and instead looking toward precious metals such as gold.
While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.
Some experts believe that this could change very soon. According to them, gold prices could soar if there is another financial crisis.
They also point out that gold is becoming popular because of its perceived value and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. It is possible to save for retirement while still investing your gold savings. The added protection that gold provides when you retire is a good option.
- Second, make sure you understand what you're getting yourself into before you start buying gold.There are several different types of gold IRA accounts available. Each account offers different levels of security and flexibility.
- Remember that gold is not as safe as a bank account. Losing your gold coins could result in you never being able to retrieve them.
If you are thinking of buying gold, do your research. You should also ensure that you do everything you can to protect your gold.
How do I Withdraw from an IRA with Precious Metals?
First, you must decide if you wish to withdraw money from your IRA account. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
A taxable brokerage account is a better option than an IRA if you are prepared to pay a penalty for early withdrawals. You will also have to account for taxes due on any amount you withdraw if you choose this option.
Next, you need to determine how much money is going to be taken out from your IRA. This calculation will depend on many factors including your age at the time of withdrawal, how long the account has been in your possession, and whether you plan to continue contributing towards your retirement plan.
Once you have determined the percentage of your total savings that you would like to convert to cash, you can then decide which type of IRA to use. Traditional IRAs allow you to withdraw funds tax-free when you turn 59 1/2 while Roth IRAs charge income taxes upfront but let you access those earnings later without paying additional taxes.
After these calculations have been completed, you will need to open a brokerage bank account. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.
When you finally get around to making withdrawals from your precious metal IRA, you'll need a safe place where you can store your coins. Some storage facilities will take bullion bars while others require you only to purchase individual coins. You'll have to weigh the pros of each option before you make a decision.
Bullion bars, for example, require less space as you're not dealing with individual coins. You will need to count each coin individually. You can track their value by keeping individual coins.
Some people prefer to keep coins safe in a vault. Others prefer to store them in a safe deposit box. No matter what method you use, it is important to keep your bullion safe so that you can reap its benefits for many more years.
How much should precious metals make up your portfolio?
First, let's define precious metals to answer the question. Precious metals refer to elements with a very high value relative other commodities. This makes them very valuable in terms of trading and investment. Gold is currently the most widely traded precious metal.
There are however many other types, including silver, and platinum. While gold's price fluctuates during economic turmoil, it tends to remain relatively stable. It also remains relatively unaffected by inflation and deflation.
All precious metals prices tend to rise with the overall market. However, the prices of precious metals do not always move in sync with one another. The price of gold tends to rise when the economy is not doing well, but the prices of the other precious metals tends downwards. This is because investors expect lower interest rates, making bonds less attractive investments.
In contrast, when the economy is strong, the opposite effect occurs. Investors want safe assets such Treasury Bonds and are less inclined to demand precious metals. They become less expensive and have a lower value because they are limited.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Furthermore, because the price of precious Metals fluctuates, it is best not to focus on just one type of precious Metals.
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
cftc.gov
finance.yahoo.com
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement account
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Lawful – WSJ
How To
Gold Roth IRA guidelines
The best way to invest for retirement is by starting early. Start saving as soon as possible, usually at age 50. You can continue to save throughout your career. To ensure sufficient growth, it is vital that you contribute enough each year.
Also, you want to take advantage tax-free options such as a traditional 401k, SEP IRA or SIMPLE IRA. These savings vehicles allow you the freedom to contribute without having to pay tax on your earnings until they are withdrawn. This makes them great options for people who don't have access to employer matching funds.
Save regularly and continue to save over time. You'll miss out on any potential tax benefits if you're not contributing the maximum amount allowed.
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By: Eliman Dambell
Title: Biggest Movers: DOGE Hits 1-Month High to Start the Weekend
Sourced From: news.bitcoin.com/biggest-movers-doge-hits-1-month-high-to-start-the-weekend/
Published Date: Sat, 24 Sep 2022 14:33:58 +0000
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