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 climbed 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
How to open a Precious Metal IRA
It is important to decide if you would like an Individual Retirement Account (IRA). You must complete Form 8606 to open an account. For you to determine the type and eligibility for which IRA, you need Form 5204. You must complete this form within 60 days of opening your account. You can then start investing once you have this completed. You might also be able to contribute directly from the paycheck through payroll deduction.
For a Roth IRA you will need to complete Form 8903. Otherwise, the process is identical to an ordinary IRA.
To qualify for a precious Metals IRA, there are specific requirements. The IRS stipulates that you must have earned income and be at least 18-years old. Your earnings cannot exceed $110,000 per year ($220,000 if married and filing jointly) for any single tax year. Contributions must be made on a regular basis. These rules will apply regardless of whether your contributions are made through an employer or directly out of your paychecks.
You can use a precious metals IRA to invest in gold, silver, palladium, platinum, rhodium, or even platinum. However, you won't be able purchase physical bullion. This means you won’t be able to trade stocks and bonds.
You can also use your precious metallics IRA to invest in companies that deal with precious metals. This option may be offered by some IRA providers.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they aren't as liquid than stocks and bonds. They are therefore more difficult to sell when necessary. Second, they don't generate dividends like stocks and bonds. Therefore, you will lose more money than you gain over time.
What does a gold IRA look like?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
Physical gold bullion coin can be purchased at any time. You don't have a retirement date to invest in gold.
Owning gold as an IRA has the advantage of allowing you to keep it forever. Your gold assets will not be subjected tax upon your death.
Your heirs inherit your gold without paying capital gains taxes. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
First, an individual retirement account will be set up to allow you to open a golden IRA. After you do this, you will be granted an IRA custodian. This company acts as an intermediary between you and IRS.
Your gold IRA Custodian will manage the paperwork and submit all necessary forms to IRS. This includes filing annual reports.
After you have created your gold IRA, the only thing you need to do is purchase gold bullion. The minimum deposit required to purchase gold bullion coins is $1,000 You'll get a higher rate of interest if you deposit more.
Taxes will be charged on gold you have withdrawn from an IRA. If you take out the whole amount, you'll be subject to income taxes as well as a 10 percent penalty.
A small percentage may mean that you don't have to pay taxes. There are exceptions. You'll owe federal income tax and a 20% penalty if you take out more than 30% of your total IRA assets.
You should avoid taking out more than 50% of your total IRA assets yearly. You could end up with severe financial consequences.
What are the benefits of a gold IRA
A gold IRA has many benefits. It is an investment vehicle that can diversify your portfolio. You decide how much money is put in each account and when it is withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. This is a great way to make a smooth transition if you want to retire earlier.
The best part? You don’t need to have any special skills to invest into gold IRAs. They are offered by most banks and brokerage companies. Withdrawals are made automatically without having to worry about fees or penalties.
However, there are still some drawbacks. Gold has always been volatile. So it's essential to understand why you're investing in gold. Are you seeking safety or growth? Do you want to use it as an insurance strategy or for long-term growth? Only then will you be able make informed decisions.
If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. A single ounce will not be sufficient to meet all your requirements. You may need several ounces, depending on what you intend to do with your precious gold.
You don't need to have a lot of gold if you are selling it. You can even live with just one ounce. However, you will not be able buy any other items with those funds.
Is physical gold allowed in an IRA.
Not only is gold paper currency, but it's also money. It's an asset that people have used for thousands of years as a store of value, a way to keep wealth safe from inflation and economic uncertainty. Today, investors use gold as part of a diversified portfolio because gold tends to do better during financial turmoil.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
Another reason is the fact that gold historically has performed better than other assets in times of financial panic. Between August 2011 to early 2013, gold prices rose close to 100 percent while the S&P 500 fell 21 per cent. 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. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. Because gold is so liquid compared to other investments, buying it in small amounts makes sense. This allows you to take advantage of short-term fluctuations in the gold market.
Statistics
- 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 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- (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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
irs.gov
finance.yahoo.com
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example, and Risk Metrics
How To
3 Ways To Invest in Gold For Retirement
It's essential to understand how gold fits into your retirement plan. There are several options to invest in precious metals if your employer has a 401k. It is also possible to invest in gold from outside of your work environment. For example, if you own an IRA (Individual Retirement Account), you could open a custodial account at a brokerage firm such as Fidelity Investments. You might also consider purchasing precious metals directly from a trusted dealer if they are not already yours.
These are three simple rules to help you make an investment in gold.
- Buy Gold with Your Cash – Don't use credit cards or borrow money to fund your investments. Instead, instead, transfer cash to your accounts. This will help to keep your purchasing power high and protect you against inflation.
- Physical Gold Coins: You should own physical gold coins, not just a certificate. It's easier to sell physical gold coins rather than certificates. There are no storage fees for physical gold coins.
- Diversify your Portfolio. This means that you should diversify your wealth by investing in different assets. This can reduce market volatility and help you be more flexible.
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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
