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 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.
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
First, decide if an Individual Retirement Account is right for you. Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. Then you must fill out Form 5204 to determine what type of IRA you are eligible for. This form must be submitted within 60 days of the account opening. Once this is done, you can start investing. You can also contribute directly to your paycheck via payroll deduction.
You must complete Form 8903 if you choose a Roth IRA. Otherwise, the process will look identical to an existing IRA.
To be eligible to have a precious metals IRA you must meet certain criteria. The IRS says you must be 18 years old and have earned income. 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 apply to contributions made directly or through employer sponsorship.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. However, physical bullion will not be available for purchase. This means you can't trade shares of stock and bonds.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they're not as liquid as stocks or bonds. This makes them harder to sell when needed. Second, they don’t produce dividends like stocks or bonds. So, you'll lose money over time rather than gain it.
Are gold investments a good idea for an IRA?
Gold is an excellent investment for any person who wants to save money. It's also a great way to diversify your portfolio. But there is more to gold than meets the eye.
It's been used as a form of payment throughout history. It is sometimes called the “oldest currency in the world”.
But unlike paper currencies, which governments create, gold is mined out of the earth. That makes it very valuable because it's rare and hard to create.
The price of gold fluctuates based on supply and demand. The economy that is strong tends to be more affluent, which means there are less gold miners. Gold's value rises as a result.
On the flipside, people may save cash rather than spend it when the economy slows. This means that more gold is produced, which reduces its value.
This is why investing in gold makes sense for individuals and businesses. You'll reap the benefits of investing in gold when the economy grows.
Also, your investments will earn you interest which can help increase your wealth. Additionally, you won't lose cash if the gold price falls.
Which precious metal is best to invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. 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 you have the patience to wait, then you might consider investing in silver.
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 Invest Gold in Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. You can invest in both options if you aren't sure which option is best for you.
Gold offers potential returns and is therefore a safe investment. Retirees will find it an attractive investment.
Although most investments promise a fixed rate of return, gold is more volatile than others. Its value fluctuates over time.
This doesn't mean that you should not invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another benefit to gold is its tangible value. Gold is less difficult to store than stocks or bonds. It can also be carried.
As long as you keep your gold in a secure location, you can always access it. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. Gold prices are likely to rise with other commodities so it is a good way of protecting against rising costs.
A portion of your savings can be invested in something that doesn't go down in value. Gold tends to rise when the stock markets fall.
Investing in gold has another advantage: you can sell it anytime you want. You can easily liquidate your investment, just as with stocks. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all of your eggs in one basket.
You shouldn't buy too little at once. Start small, buying only a few ounces. Next, add more as required.
Don't expect to be rich overnight. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
And while gold might not be the best investment for everyone, it could be a great supplement to any retirement plan.
What are the fees associated with an IRA for gold?
$6 per month is the Individual Retirement Account Fee (IRA). This includes account maintenance and any investment costs.
If you want to diversify, you may be required to pay extra fees. The fees you pay will vary depending on the type of IRA that you choose. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
Most providers also charge an annual management fee. These fees can range from 0% up to 1%. The average rate is.25% each year. These rates can be waived if the broker is TD Ameritrade.
- (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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- How do you keep your IRA Gold 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 accounts
The best way to buy gold (or silver) online
To buy gold, you must first understand how it works. Precious metals like gold are similar to platinum. It's rare and often used to make money due its resistance and durability to corrosion. It is very difficult to use and most people prefer to purchase jewelry made of it over actual bars of Gold.
There are two types currently available: legal tender and bullion. Legal tender coins are minted for circulation in a country and usually include denominations like $1, $5, $10, etc.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They aren’t exchangeable in any currency exchange. One example is that if someone buys $100 worth gold, they get 100 grams with a $100 value. The buyer receives 1 gram of gold for every dollar spent.
The next thing you should know when looking to buy gold is where to do it from. There are many options for buying gold directly from dealers. First, go to your local coin shop. You can also try going through a reputable website like eBay. You may also be interested in buying gold through private sellers online.
Private sellers are individuals who offer gold for sale, either at wholesale prices or retail prices. Private sellers charge a 10% to 15% commission 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. This is a great option for gold investing because you have more control over the item’s price.
The other option is to purchase physical gold. While physical gold is easier than paper certificates to store, you still need to make sure it is safe. Physical gold should be stored in an impenetrable container, such a vault and safety deposit box to ensure its safety.
When buying gold on your own, you can visit a bank or a pawnshop. A bank can offer you a loan for the amount that you need to buy gold. Pawnshops are small establishments allowing customers to borrow money against items they bring. Banks typically charge higher interest rates than pawn shops.
Another way to purchase gold is to ask another person to do it. Selling gold can be as easy as selling. Contact a company such as GoldMoney.com, and you can set up a simple account and start receiving payments immediately.
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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