The ever-changing landscape of cryptocurrency markets witnessed significant shifts at the start of the week with prominent cryptocurrencies like Shiba Inu and XRP expressing contrasting behavior. These variances in the value of digital assets exemplify the volatility and inherent high-risks associated with the growing crypto-sphere.
The Shiba Inu crypto's response to escalating geopolitical tension
The start of the week brought about quite a whirlwind for the trending meme cryptocurrency, Shiba Inu. Widespread geopolitical tensions, particularly in the Middle East, seem to have had an adverse effect on its market performance, causing Shiba Inu to plummet to a multi-month low. This bearish turn in Shiba Inu's trajectory can be characterized by the decline of its SHIB/USD pair to an intraday low of $0.000006894, following a peak of $0.000007221 less than a day before.
This downtrend ushered the cryptocurrency to its weakest price point since June 16 of the previous year, the last time it fell below the erstwhile support-line at $0.00000690. The falling trend also affected Shiba Inu's Relative Strength Index (RSI), a key indicator of market momentum, as it descended below the pivotal 37.00 point, eventually stabilizing in the 34.90 region.
The future implications of Shiba Inu's performance
Should the RSI continue its downward trajectory towards the 30.00 region, we can anticipate Shiba Inu entering an oversold bracket. This phase could potentially create a lucrative opportunity for investors looking to 'buy the dip', betting on the subsequent surge in value post this downward shift.
XRP witnesses a setback in performance
XRP, formerly known as Ripple, began the week with a somewhat similar fate, joining Shiba Inu in its bearish behavior. After achieving a considerable high of $0.5218 nearing the end of the previous week, XRP experienced a sharp decline, diving to a low at $0.4975 in the early trading hours of Monday.
This downward trend subsequently resulted in XRP, the world's fifth-largest cryptocurrency by market capitalization, reaching its lowest price level since September 18. Alongside this depreciation, the Relative Strength Index for XRP also receded significantly to a support level of 43.00, a first time in three weeks scenario.
Predicting the Future for XRP
With the current RSI measured at 43.60 and XRP trading at $0.5014 after a three-day losing streak, a slip under the 43.00 RSI mark could potentially lead to XRP trading well under $0.5000 in the upcoming days. Given these current market dynamics, numerous crypto-enthusiasts and investors remain in anticipation of whether this bearish trend for XRP will continue.
It's crucial to anticipate and understand these shifts and cycles in cryptocurrency's inherently volatile market. Comprehensive knowledge of market indicators and the geopolitical influences on crypto-trading can substantially improve investment decisions, resulting in optimal returns and minimized losses.
Frequently Asked Questions
Can I add gold to my IRA?
Yes, it is possible! You can add gold to your retirement plan. Because gold doesn't lose its value over time, it is an excellent investment. It protects against inflation. It also protects against inflation.
It's important to understand the differences between gold and other investments before investing in it. You can't buy shares in companies that make gold unlike bonds or stocks. You cannot also sell them.
Instead, convert your precious metals to cash. This means that you must get rid of your gold. You cannot just keep it.
This makes gold different from other investments. As with other investments you can always make a profit and sell them later. With gold, this isn't true.
Even worse, gold cannot be used to secure loans. To cover a mortgage, you may need to give up some gold.
What does this translate to? You can't keep your gold indefinitely. You will have to sell it at some point.
You don't need to worry. All you have to do is open an IRA account. You can then invest in gold.
What are the pros & cons of a Gold IRA?
If you want to diversify your holdings but aren't able to access traditional banks services, a gold IRA is a great option. It allows you to invest freely in precious metals, such as gold, silver and platinum until they are withdrawn.
There is a downside to this: if you withdraw your earnings early, you'll be subject to normal income tax. However, creditors will not be able to seize these funds if you default on your loan.
A gold IRA is a great option if you want to own gold but not worry about taxes.
Are precious metal IRAs a good way to invest?
How willing you are to risk your IRA account losing value will decide the answer. If you have $10,000 cash, they make sense as long as you don’t expect your IRA account to grow rapidly. They may not be the best investment option for you if your goal is to save money over many decades and to invest in assets with a high likelihood of increasing in value (gold). You may also have to pay fees, which can reduce your gains.
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- Silver must be 99.9% pure • (forbes.com)
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Best Precious Metals Ira in 2022: Things to Remember
Precious Metals Ira, one of the most preferred investment options among investors, is one. This article will teach you what makes precious metals so attractive, and how to make informed decisions about investing in precious materials.
These assets are renowned for their long-term potential growth. The historical data shows incredible returns for gold prices. Gold prices have increased by almost $1900 per troy ounce in the past 200 year, from $20 an ounce to nearly $1900 over that time. The S&P 500 Index was only up by 50%.
When economic uncertainty is high, gold can be considered a reliable financial asset. Stock market downturns cause people to sell their stocks and seek safety in gold. Also, gold is considered a hedge against inflation. Many economists believe in inflation. Physical gold is a way to protect your money from future price increases.
But before buying any precious metal like silver, gold, platinum, or palladium, there are certain things to consider. First, you should know whether you want to invest in bullion bars or coins. Bullion bars are often purchased in large quantities (like 100 grams) and stored until needed. The coins are smaller versions than bullion bars and can be used to purchase small quantities of bullion.
Second, you should consider where you plan to store your precious metals. Some countries are safer then others. For example, you might consider storing precious metals overseas if your home country is the United States. You might also want to consider why you would store them in Switzerland if they aren't already.
Finally, you should decide whether you want to invest directly in precious metals or through “precious metals exchange-traded funds” (ETFs). ETFs, which track the performance different commodities like gold, are financial instruments. You can use them to get exposure without actually owning precious metals.
By: Eliman Dambell
Title: Shiba Inu and XRP: The Dynamics of Modern-day Cryptocurrencies in Volatile Trading Sessions
Sourced From: news.bitcoin.com/biggest-movers-shib-hits-4-month-low-as-red-wave-washes-over-crypto/
Published Date: Mon, 09 Oct 2023 15:30:39 +0000