Dogecoin experienced a significant surge on Monday, surpassing a key resistance level and reaching its highest point since August 31. The meme coin started the week at $0.06068 and quickly rose to an intraday peak of $0.06525. This breakout above the $0.0640 ceiling was driven by a breakout at the 65.00 level on the 14-day relative strength index (RSI). The RSI is currently at 65.94, indicating that bullish sentiment remains strong and investors may be targeting the 70.00 level. However, DOGE's price has slightly retreated and is currently trading at $0.06407.
In addition to Dogecoin, Polygon (MATIC) also experienced a significant surge on Monday, reaching a multi-month high. MATIC/USD started the week at $0.56 and jumped to a peak of $0.6315. This price level has not been seen since August 16, when the cryptocurrency reached $0.638. The rally pushed MATIC's RSI to a three-month high at 68.79, but it failed to break out of the 69.00 ceiling. The current RSI is at 66.60, despite the 10-day (red) moving average being on the verge of crossing its 25-day (blue) counterpart.
The overall sentiment in the cryptocurrency market remains bullish, with Dogecoin and Polygon leading the way with their impressive gains. As the global market cap for crypto continues to rise, investors are closely watching these cryptocurrencies and the potential for further growth.
Frequently Asked Questions
Should You Get Gold?
Gold was once considered an investment safe haven during times of economic crisis. However, today many people are turning away from traditional investments such as stocks and bonds and instead looking toward precious metals such as gold.
Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.
Experts think this could change quickly. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
These are some important things to remember if your goal is to invest in gold.
- Before you start saving money for retirement, think about whether you really need it. You can save money for retirement even if you don't invest in gold. The added protection that gold provides when you retire is a good option.
- Second, ensure you fully understand the risks involved in buying gold. Each one offers different levels security and flexibility.
- Last but not least, gold doesn't provide the same level security as a savings account. You may lose your gold coins and never be able to recover them.
Do your research before you buy gold. And if you already own gold, ensure you're doing everything possible to protect it.
How much money should my Roth IRA be funded?
Roth IRAs can be used to save taxes on your retirement funds. You can't withdraw money from these accounts before you reach the age of 59 1/2. If you decide to withdraw some of your contributions, you will need to follow certain rules. First, your principal (the deposit amount originally made) is not transferable. This means that no matter how much you contribute, you can never take out more than what was initially contributed to this account. If you decide to withdraw more money than what you contributed initially, you will need to pay taxes.
The second rule is that you cannot withdraw your earnings without paying income taxes. Also, taxes will be due on any earnings you take. Let's take, for example, $5,000 in annual Roth IRA contributions. Let's also assume that you make $10,000 per year from your Roth IRA contributions. Federal income taxes would apply to the earnings. You would be responsible for $3500 So you would only have $6,500 left. This is the maximum amount you can withdraw because you are limited to what you initially contributed.
Therefore, even if you take $4,000 out of your earnings you still owe taxes on $1,500. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). You only got back $4,000. Even though you were able to withdraw $7,000 from your Roth IRA,
Two types of Roth IRAs are available: Roth and traditional. A traditional IRA allows you to deduct pre-tax contributions from your taxable income. Your traditional IRA can be used to withdraw your balance and interest when you are retired. You can withdraw as much as you want from a traditional IRA.
Roth IRAs won't let you deduct your contributions. You can withdraw your entire contribution, plus accrued interests, after you retire. There is no minimum withdrawal amount, unlike traditional IRAs. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
Is it a good idea to open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. If you lose money in your investment, nothing can be done to recover it. This includes any loss of investments from theft, fire, flood or other circumstances.
It is best to invest in physical gold coins and silver coins to avoid this type loss. These coins have been around for thousands and represent a real asset that can never be lost. They are likely to fetch more today than the price you paid for them in their original form.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. It's also wise to consider using a third-party custodian who will keep your assets safe while giving you access to them anytime.
Do not open an account unless you're ready to retire. So, don't forget about the future!
What is a Precious Metal IRA?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These are called “precious” metals because they're very hard to find and very valuable. These metals are great investments and can help protect your financial future from economic instability and inflation.
Bullion can be purchased via a variety of channels including online sellers, large coin dealers, and grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. You'll get dividends each year.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. Instead, you pay a small percentage tax on the gains. Additionally, you have access to your funds at no cost whenever you need them.
How is gold taxed within a Roth IRA
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
You don't pay tax if you have the money in a traditional IRA/401k. Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.
These rules vary from one state to another. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. Massachusetts allows you up to April 1st. New York is open until 70 1/2. You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.
What does a gold IRA look like?
People who wish to invest in precious metals can use Gold Ira accounts as a tax-free investment vehicle.
You can purchase physical gold bullion coins anytime. You don't have a retirement date to invest in gold.
You can keep gold in an IRA 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.
You'll first have to set up an individual retirement account (IRA) to open a gold IRA. Once you've completed this step, an IRA administrator will be appointed to your account. This company acts in the role of a middleman between your IRS agent and you.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual reporting.
Once your gold IRA is established, you can purchase gold bullion coins. Minimum deposit required is $1,000 The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.
When you withdraw your gold from your IRA, you'll pay taxes on it. If you're withdrawing the entire balance, you'll owe income taxes plus a 10 percent penalty.
A small percentage may mean that you don't have to pay taxes. However, there are exceptions. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. You could end up with severe financial consequences.
- 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)
- You can only purchase gold bars at least 99.5% purity. (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 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)
- 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)
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not legal – WSJ
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
Guidelines for Gold Roth IRA
Starting early is the best way to save for retirement. 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 enable you to make contributions while not paying any taxes on the earnings, until they are withdrawn. These savings vehicles can be a great option for individuals who don't qualify for employer matching funds.
It's important to save regularly and over time. You may not be eligible for any tax benefits if your contribution is less than the maximum allowed.
By: Eliman Dambell
Title: Dogecoin and Polygon Surge as Cryptocurrency Market Remains Bullish
Sourced From: news.bitcoin.com/biggest-movers-doge-matic-rally-to-2-month-highs-on-monday/
Published Date: Mon, 23 Oct 2023 15:15:07 +0000