Despite a general lull in the cryptocurrency markets, Tuesday saw Toncoin continue its upward trajectory for the third consecutive day. Traders, looking to consolidate the gains made on Monday, have caused a slight 0.02% rise in the global market cap. Meanwhile, Cardano, after enjoying a four-day bullish streak, registered a decline.
Toncoin's (TON) Continued Rise
Toncoin emerged as a significant performer in Tuesday's session, maintaining a trading level above the $2.00 mark. Following a drop to $1.94 on Monday, the TON/USD pair experienced a rally, peaking at an intraday high of $2.02. This peak matched the high of the previous Thursday, marking the highest Toncoin has achieved in recent days.
However, the current bullish momentum hasn't been powerful enough to push past this level, seemingly due to the relative strength index (RSI). As of this writing, the price strength stands at 49.24, narrowly under the resistance level of 50.00. For Toncoin to surpass today's high, the RSI indicator's ceiling must first be overcome.
Cardano's (ADA) Downward Trend
In contrast, Cardano experienced a fall for the first time in four days as traders acted to secure their recent gains. The ADA/USD pair dropped to an intraday low of $0.2472 following Monday's high of $0.253. The shift occurred after bullish traders failed to break through the resistance level at $0.255 at the week's start, prompting sellers to enter the market.
The price now seems to be heading towards a support point of $0.240, a level that has largely held steady over the past four months. The decline has also been influenced by a downward crossover between the 10-day (red) and 25-day (blue) moving averages.
Conclusion: A Mixed Day for the Crypto Market
In conclusion, while Toncoin demonstrated resilience and a continued upward trend, Cardano witnessed a downward shift. The contrasting performances of these two key players highlight the volatility and unpredictability that characterize the crypto markets. It underscores the importance of constant monitoring and analysis for traders and investors in the dynamic world of cryptocurrencies.
Frequently Asked Questions
How much should precious metals be included in your portfolio?
To answer this question, we must first understand what precious metals are. Precious metals are those elements that have an extremely high value relative to other commodities. This makes them very valuable in terms of trading and investment. Gold is by far the most common precious metal traded today.
There are many other precious metals, such as silver and platinum. The price volatility of gold can be unpredictable, but it is generally stable during periods of economic turmoil. It is not affected by inflation or deflation.
In general, all precious metals have a tendency to go up with the market. But they don't always move in tandem with one another. For instance, gold's price will rise when the economy is weak, while precious metals prices will fall. This is because investors expect lower interest rates, making bonds less attractive investments.
Contrary to this, when the economy performs well, the opposite happens. Investors want safe assets such Treasury Bonds and are less inclined to demand precious metals. They are more rare, so they become more expensive and less valuable.
You must therefore diversify your investments in precious metals to reap the maximum profits. You should also diversify because precious metal prices can fluctuate and it is better to invest in multiple types of precious metals than in one.
Is buying gold a good way to save money for retirement?
Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.
Physical bullion bars are the most popular way to invest in gold. But there are many other options for investing in gold. You should research all options thoroughly before making a decision on which option you prefer.
If you don’t have the funds to invest in safe places, such as a safe deposit box or mining equipment companies, buying shares of these companies might be a better investment. Owning gold stocks should work well if you need cash flow from your investment.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs can include stocks of precious metals refiners and gold miners.
How much gold do you need in your portfolio?
The amount you make will depend on the amount of capital you have. A small investment of $5k-10k would be a great option if you are looking to start small. As you grow, you can move into an office and rent out desks. You don't need to worry about paying rent every month. Only one month's rent is required.
It is also important to decide what kind of business you want to run. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. You should also consider the expected income from each client when you do this type of thing.
If you are doing freelance work, you probably won't have a monthly salary like I do because the project pays freelancers. Therefore, you might only get paid one time every six months.
Decide what kind of income do you want before you calculate how much gold is needed.
I recommend starting with $1k to $2k of gold, and then growing from there.
Should You Purchase Gold?
Gold was a safe investment option for those who were in financial turmoil. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
This could be changing, according to some experts. They believe gold prices could increase dramatically if there is another global financial crises.
They also point out that gold is becoming popular because of its perceived value and potential return.
These are some things you should consider when considering gold investing.
- Consider whether you will actually need the money that you are saving for retirement. You can save money for retirement even if you don't invest in gold. Gold does offer an extra layer of protection for those who reach retirement age.
- Second, be sure to understand your obligations before you purchase gold. Each type offers varying levels and levels of security.
- Finally, remember that gold doesn't offer the same level of safety as a bank account. Your gold coins may be lost and you might never get them back.
If you are thinking of buying gold, do your research. And if you already own gold, ensure you're doing everything possible to protect it.
Statistics
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
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 legal – WSJ
investopedia.com
finance.yahoo.com
cftc.gov
How To
The best place to buy silver or gold online
Before you can buy gold, it is important to understand its workings. Precious metals like gold are similar to platinum. It's very rare, and it is often used as money for its durability and resistance. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
Today, there are two types available in gold coins: one is legal tender and the other is bullion. The legal tender coins are issued for circulation in a country. They usually have denominations such as $1, $5, $10, and so on.
Bullion coins can only be used as investment currency. They increase in value due to inflation.
They cannot be used in currency exchanges. For example, a person who buys $100 worth or gold gets 100 grams. This gold has a $100 price. Each dollar spent by the buyer is worth 1 gram.
When looking to buy precious metals, the next thing you should be aware of is where it can be purchased. There are a few options if you wish to buy gold directly from a dealer. First off, you can go through your local coin shop. Another option is to go through a reputable site like eBay. You might also consider buying gold from an online private seller.
Private sellers are individuals that offer gold at wholesale or retail prices. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. This means that you will get less back from a private seller than if you sell it through a coin shop or on eBay. However, this option is often a great choice when investing in gold since it gives you more control over the item's price.
Another way to buy gold is by investing in physical gold. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. Physical gold must be kept safe in an impassible container, such as a vault.
When buying gold on your own, you can visit a bank or a pawnshop. A bank can provide you with a loan to cover the amount you wish to invest in gold. Customers can borrow money from pawnshops to purchase items. Banks often charge higher interest rates then pawnshops.
The final option is to ask someone to buy your gold! Selling gold can also be done easily. Contact a company such as GoldMoney.com, and you can set up a simple account and start receiving payments immediately.
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By: Eliman Dambell
Title: Progress and Setbacks in Crypto Markets: A Look at Toncoin and Cardano
Sourced From: news.bitcoin.com/biggest-movers-ton-hovers-above-2-ada-bears-end-4-day-winning-run/
Published Date: Tue, 17 Oct 2023 15:47:13 +0000
