On Tuesday, the cryptocurrency market experienced a mixed bag of outcomes, with Polygon experiencing a slump and Cosmos bouncing back. Polygon's value dropped for the fourth day in a row, hitting a ten-day low. In contrast, Cosmos showed signs of recovery from its mid-September lows. This article will delve into the performance of these two cryptocurrencies, giving you a comprehensive understanding of their current market statuses.
Polygon's (MATIC) Continuous Dip
Over the past few days, Polygon (MATIC) has been on a downward trajectory. It marked its fourth successive day of losses on Tuesday. The week initiated with a high of $0.5396, but MATIC/USD plummeted to an intraday low of $0.5241 earlier in the day. This depreciation positioned the cryptocurrency at its feeblest point since September 29, when the price bottomed out at $0.5163.
From an analytical perspective, it seems that sellers are driving MATIC towards a support point at $0.5070. To reach this level, the relative strength index (RSI) would need to drop to its own base at 40.00. Currently, it is hovering at 43.75. Interestingly, market bulls could be eyeing a re-entry point as Polygon approaches its mentioned support level.
Cosmos' (ATOM) Impressive Rebound
While Polygon experienced a decline, Cosmos (ATOM) had a strong recovery on Tuesday. After establishing its support level at the start of the week, ATOM/USD leaped to a peak of $7.14 in the early trading hours. This bounce occurred less than a day after trading at a low of $6.63.
The bottom point on Monday represented the lowest level Cosmos has seen since September 15, the last time the price broke a floor at $6.65. Today's impressive rebound indicates the bulls' rejection of this downward trend. It seems they are now aiming for a resistance zone of $7.60.
However, an upcoming ceiling on the RSI indicator at the 48.00 level could pose a significant obstacle to this target. Whether Cosmos will reach the $7.60 mark this week remains the question.
The cryptocurrency market continues to be unpredictable, with coins such as Polygon and Cosmos showing divergent trends. While Polygon struggles with a continuous dip, Cosmos has demonstrated an impressive rebound. These fluctuations in the market serve as reminders of the volatility inherent in cryptocurrency investments.
Frequently Asked Questions
How much should I contribute to my Roth IRA account?
Roth IRAs are retirement accounts where you deposit your own money tax-free. You can't withdraw money from these accounts before you reach the age of 59 1/2. However, if your goal is to withdraw funds before that time, there are certain rules you must observe. First, your principal (the original deposit amount) cannot be touched. You cannot withdraw more than the original amount you contributed. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule states that income taxes must be paid before you can withdraw earnings. Also, taxes will be due on any earnings you take. Consider, for instance, that you contribute $5,000 per year to your Roth IRA. Let's also assume that you make $10,000 per year from your Roth IRA contributions. On the earnings, you would be responsible for $3,500 federal income taxes. You would have $6,500 less. The amount you can withdraw is limited to the original contribution.
Therefore, even if you take $4,000 out of your earnings you still owe taxes on $1,500. In addition, 50% of your earnings will be subject to tax again (half of 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
Two types of Roth IRAs are available: Roth and traditional. Traditional IRAs allow you to deduct pretax contributions from your taxable income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. You have the option to withdraw any amount from a traditional IRA.
Roth IRAs are not allowed to allow you deductions for contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal requirement, unlike traditional IRAs. You don’t have to wait for your turn 70 1/2 years before you can withdraw your contributions.
What tax is gold subject in an IRA
The tax on the sale of gold is based on its fair market value when sold. If you buy gold, there are no taxes. It's not considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
As collateral for loans, gold is possible. Lenders seek to get the best return when you borrow against your assets. In the case of gold, this usually means selling it. However, there is no guarantee that the lender would do this. They might just hold onto it. They might decide that they want to resell it. In either case, you risk losing potential profits.
So to avoid losing money, you should only lend against your gold if you plan to use it as collateral. It's better to keep it alone.
Can I own a gold ETF inside a Roth IRA
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
Traditional IRAs allow contributions from both the employer and employee. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
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.
A Individual Retirement Annuity is also possible. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions to IRAs don't have to be taxable
Who has the gold in a IRA gold?
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.
You will need to declare the value of gold if you intend on selling it one day. This could impact how capital gains taxes you owe for cash investments.
It is a good idea to consult an accountant or financial planner to learn more about your options.
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (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 InvasionHelped Uncage a Bear in 1990 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not exactly legal – WSJ
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads, Example, and Risk Metrics
Tips for Investing Gold
Investing in Gold remains one of the most preferred investment strategies. This is because there are many benefits if you choose to invest in gold. There are many ways you can invest in gold. There are many ways to invest in gold. Some prefer buying physical gold coins while others prefer gold ETFs (Exchange Traded Funds).
Before buying any kind of gold, you need to consider these things.
- First, verify that your country permits gold ownership. If the answer is yes, you can go ahead. You can also look at buying gold abroad.
- Secondly, you should know what kind of gold coin you want. You can choose between yellow gold and white gold as well as rose gold.
- The third factor to consider is the price for gold. It is better to start small, and then work your way up. When purchasing gold, diversify your portfolio. Diversifying your portfolio should be a priority, including stocks, bonds and real estate.
- Lastly, you should never forget that gold prices change frequently. You need to keep up with current trends.
By: Eliman Dambell
Title: Market Analysis: Polygon's Downturn and Cosmos' Resurgence
Sourced From: news.bitcoin.com/biggest-movers-matic-drops-to-10-day-low-atom-rebounds-from-key-support-level/
Published Date: Tue, 10 Oct 2023 15:30:25 +0000