Chainlink (LINK) experienced significant gains at the start of the weekend, with the token rising by as much as 7% in a single day.
During today's session, LINK/USD reached a high of $11.59, following a previous low of $10.80.
These gains bring the price closer to its recent 18-month high of $11.78, which was achieved earlier this week.
The relative strength index (RSI) has been trending upward, currently sitting at 81.68.
However, there is a potential resistance level approaching at 83.00. If bulls fail to break through this level, it could result in a price reversal.
Cardano (ADA) also saw significant movement on Saturday, nearing a nine-week high.
After hitting a low of $0.284 on Friday, ADA/USD surged to a peak of $0.2973 during today's session.
This surge brings Cardano closer to its highest level since mid-August, when the price traded above $0.30.
The 14-day RSI is currently above 77.00, which may prompt some bears to enter the market.
As a result, a few bulls have started securing gains, causing ADA to trade just below today's peak.
Will Cardano reach $0.30 during November? Share your thoughts in the comments.
Frequently Asked Questions
Which precious metal is best to invest in?
This depends on what risk you are willing take and what kind of return you desire. Gold is a traditional haven investment. However, it is not always the most profitable. If you are looking for quick profits, gold might not be the right investment. If patience and time are your priorities, silver is the best investment.
If you don’t desire to become rich quickly, gold may be your best option. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
Should You Open a Precious Metal IRA?
Precious metals are not insured. This is the most important fact to know before you open an IRA account. There is no way to recover money that you have invested in precious metals. This includes investments that have been damaged by fire, flooding, theft, and so on.
This type of loss can be avoided by investing in physical silver and gold coins. These coins have been around for thousands and represent a real asset that can never be lost. These items are worth more today than they were when first produced.
You should choose a reputable firm that offers competitive rates. You should also consider using a third party custodian to protect your assets and give you access at any time.
Remember that you will not see any returns unless you are retired if you open an Account. Remember the future.
What does gold do as an investment?
The supply and demand for gold affect the price of gold. It is also affected negatively by interest rates.
Gold prices are volatile due to their limited supply. You must also store physical gold somewhere to avoid the risk of it becoming stale.
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- (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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
The History of Gold as an Asset
From the beginning of history, gold was a popular currency. It was universally accepted due to its purity and divisibility, beauty, scarcity, and durability. In addition, because of its value, it was traded internationally. There were different measures and weights for gold, as there was no standard to measure it. For example, in England, one pound sterling was equal to 24 carats of silver; in France, one livre tournois was equal to 25 carats of gold; in Germany, one mark was equal to 28 carats of gold; etc.
The United States started issuing American coins in the 1860s made of 90% copper and 10% zinc. This led to a decrease of demand for foreign currencies which in turn caused their prices to rise. The price of gold dropped because the United States began to mint large quantities of gold coins. Due to the excessive amount of money flowing into the United States, they had to find a way for them to repay some of their debt. They sold some of their excess gold to Europe to pay off the debt.
Most European countries distrusted the U.S. Dollar and began to accept gold as payment. After World War I, however, many European countries started using paper money to replace gold. The price of gold rose significantly over the years. Today, although the price fluctuates, gold remains one of the safest investments you can make.
By: Eliman Dambell
Title: Chainlink (LINK) Nears 18-Month High as Bulls Extend Momentum
Sourced From: news.bitcoin.com/biggest-movers-link-nears-18-month-high-on-saturday-as-bulls-extend-momentum/
Published Date: Sat, 28 Oct 2023 13:30:48 +0000