Dogecoin experienced a significant rise of over 10% at the beginning of the week, demonstrating the overall bullish sentiment in the cryptocurrency market. The global market cap for cryptocurrencies has also increased by 2.34% at the time of writing, coinciding with a surge in global stock indices. Notably, Dogecoin broke through a key resistance level during the session.
On Sunday, DOGE/USD reached a low of $0.06068 but quickly rallied to a peak of $0.06525. This surge allowed Dogecoin to surpass the $0.0640 ceiling, reaching its highest point since August 31. The breakout at the 65.00 level on the 14-day relative strength index (RSI) served as a catalyst for this move. Currently, the index sits at 65.94, and it is likely that remaining bulls will aim for the 70.00 level. However, DOGE's price has slightly decreased, and it is now trading at $0.06407.
Polygon (MATIC) also experienced a strong surge on Monday, reaching a multi-month high. MATIC/USD started the week by jumping to $0.6315, following a low of $0.56 the day before. This peak allowed Polygon to reach its strongest point since August 16, when the price reached $0.638.
The rally in MATIC's price caused the RSI to rise to a three-month high at 68.79, but it failed to break through the 69.00 ceiling. Currently, the index is at 66.60. It is worth noting that the 10-day (red) moving average is on the verge of crossing its 25-day (blue) counterpart.
What are your thoughts on the potential retreat of Polygon bulls in the coming days? Share your opinions in the comments below.
Frequently Asked Questions
Can I hold a gold ETF in a Roth IRA?
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
A traditional IRA allows contributions from both employee and employer. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
An Individual Retirement Annuity (IRA) is also available. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs will not be taxed
How does gold perform as an investment?
Gold's price fluctuates depending on the supply and demand. Interest rates can also affect the gold price.
Due to limited supplies, gold prices are subject to volatility. Physical gold is not always in stock.
How is gold taxed within a Roth IRA
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. All gains, even if you have invested $1,000 in a mutual funds stock, are subject to tax.
But if you put the money into a traditional IRA or 401(k), there's no tax when you withdraw the money. Capital gains and dividends earn you no tax. This applies only to investments made for longer than one-year.
These accounts are subject to different rules depending on where you live. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. In Massachusetts, you can wait until April 1st. New York has a maximum age limit of 70 1/2. You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.
Should You Buy 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.
Gold prices have been on an upward trend over recent years, but they remain relatively low compared to other commodities such as oil and silver.
Some experts think that this could change in the near future. Experts believe that gold prices could skyrocket in the face of another global financial crisis.
They also note that gold is increasingly popular because of its perceived intrinsic value and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. It's possible to save for retirement without putting your savings into gold. The added protection that gold provides when you retire is a good option.
- Second, make sure you understand what you're getting yourself into before you start buying gold.There are several different types of gold IRA accounts available. Each offers varying levels of flexibility and security.
- Remember that gold is not as safe as a bank account. It is possible to lose your gold coins.
Don't buy gold unless you have done your research. If you already have gold, make sure you protect it.
Which precious metal is best to invest in?
This depends on what risk you are willing take and what kind of return you desire. While gold is considered a safe investment option, it can also be a risky choice. You might not want to invest in gold if you're looking for quick returns. If patience and time are your priorities, silver is the best investment.
If you're not looking to make quick money, gold is probably your best choice. Silver might be a better investment option if steady returns are desired over a long period of time.
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement account
Guidelines for Gold Roth IRA
It is best to start saving early for retirement. Start saving as soon and as often as you're eligible (usually around 50 years old) and keep going until retirement. It is important to invest enough money each and every year to ensure you get adequate growth.
Also, you want to take advantage tax-free options such as a traditional 401k, SEP IRA or SIMPLE IRA. These savings vehicles allow you the freedom to contribute without having to pay tax on your earnings until they are withdrawn. They are a great option for those who do not have access to employer matching money.
The key is to save regularly and consistently over time. If you don't contribute the maximum amount, you will miss any tax benefits.
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