The cryptocurrency marketplace is a vibrant and dynamic field, with digital currencies such as Polygon and Cosmos witnessing significant fluctuations. Let's delve into the recent performance of these two digital assets.
Polygon's Recent Market Performance
Polygon (MATIC), a popular cryptocurrency, has recently experienced a downturn, marking its fourth consecutive day of losses. The digital currency's value began the week at an encouraging $0.5396 but experienced a setback, dropping to a day's low of $0.5241.
This decrease plunged the digital currency to its lowest valuation since September 29, when it bottomed out at $0.5163. The downward trend suggests that sellers might be pushing MATIC towards a support point of $0.5070.
The Relative Strength Index (RSI), a key market indicator, would need to reach its floor of 40.00 for this to transpire. At present, the RSI is slightly higher, sitting at 43.75. Meanwhile, market bulls might be on standby, ready to reenter the market as Polygon approaches the mentioned support.
Performance Analysis of Cosmos
On the other side of the coin, Cosmos (ATOM), another notable cryptocurrency, exhibited a strong rebound. After establishing its support level at the beginning of the week, ATOM/USD surged to a peak of $7.14, up from a low of $6.63 in less than a day.
The previous day's low marked the weakest performance for Cosmos since mid-September when the digital asset last broke through a floor value of $6.65. This recent surge indicates a rejection of the downward trend by market bulls, who now appear to be targeting a resistance zone of $7.60.
However, a looming ceiling at the 48.00 level on the RSI might pose a significant challenge to this upward trajectory. The question that now arises is whether we can expect a rally towards $7.60 within this week.
In conclusion, the digital currency market is highly dynamic, with significant price movements from one day to the next. While Polygon is currently experiencing a downturn, Cosmos is showing signs of a bullish trend. Only time will reveal the future trajectory of these digital currencies.
Frequently Asked Questions
How does a Gold IRA account work?
You can purchase physical gold bullion coins anytime. You don't have to wait until retirement to start investing in gold.
An IRA lets you keep your gold for life. Your gold holdings won't be subject to taxes when you pass away.
Your heirs inherit your gold without paying capital gains taxes. And because your gold remains outside of the estate, you aren't required to include it in your final estate report.
First, an individual retirement account will be set up to allow you to open a golden IRA. After you have done this, an IRA custodian will be assigned to you. This company acts as an intermediary between you and IRS.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required forms to the IRS. This includes filing annual returns.
Once you've established your gold IRA, you'll be able to purchase gold bullion coins. The minimum deposit required for gold bullion coins purchase is $1,000 However, you'll receive a higher interest rate if you put in more.
You'll have to pay taxes if you take your gold out of your IRA. You'll have to pay income taxes and a 10% penalty if you withdraw the entire amount.
A small percentage may mean that you don't have to pay taxes. There are exceptions. However, there are exceptions. If you take 30% or more of your total IRA asset, you'll owe federal Income Taxes plus a 20% penalty.
It's best not to take out more 50% of your total IRA investments each year. Otherwise, you'll face steep financial consequences.
What are the benefits of having a gold IRA?
The best way to invest money for retirement is by putting it into an Individual Retirement Account (IRA). You can withdraw it at any time, but it is tax-deferred. You can decide how much money you withdraw each year. There are many types of IRAs. Some are better suited for people who want to save for college expenses. Others are designed for investors looking for higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. Once they start withdrawing money, however, the earnings aren’t subject to tax again. This account may be worth considering if you are looking to retire earlier.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any other IRAs. Unlike a regular IRA which requires taxes to be paid on gains as you wait to withdraw them, a IRA with gold allows you to invest in multiple asset classes. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
Another benefit of owning gold through an IRA is that you get to enjoy the convenience of automatic withdrawals. You won't have the hassle of making deposits each month. To avoid missing a payment, direct debits can be set up.
Finally, the gold investment is among the most reliable. Because it isn't tied to any particular country its value tends be steady. Even during economic turmoil, gold prices tend to stay relatively stable. Gold is a good option for protecting your savings from inflation.
What is a Precious Metal IRA, and how can you get one?
A precious metal IRA lets you diversify your retirement savings to include gold, silver, palladium, rhodium, iridium, osmium, osmium, rhodium, iridium and other rare metallics. These precious metals are extremely rare and valuable. These metals are great investments and can help protect your financial future from economic instability and inflation.
Precious metals often refer to themselves as “bullion.” Bullion refers only to the actual metal.
Bullion can be bought via various channels, such as online retailers, large coin dealers and grocery stores.
With a precious metal IRA, you invest in bullion directly rather than purchasing shares of stock. This ensures that you will receive dividends each and every year.
Precious metal IRAs have no paperwork or annual fees. Instead, your gains are subject to a small tax. You also have unlimited access to your funds whenever and wherever you wish.
How much should your IRA include precious metals
When investing in precious metals, the most important thing to know is that they aren't just for wealthy people. You don't have to be rich to invest in them. In fact, there are many ways to make money from gold and silver investments without spending much money.
You might also be interested in buying physical coins, such bullion rounds or bars. It is possible to also purchase shares in companies that make precious metals. You may also be interested in an IRA transfer program offered by your retirement provider.
You can still get benefits from precious metals regardless of what choice you make. Although they aren’t stocks, they offer the possibility for long-term gains.
Their prices rise with time, which is a different to traditional investments. You'll probably make more money if your investment is sold down the line than traditional investments.
Can I purchase gold with my self directed IRA?
However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. If you have an existing retirement account, you can transfer funds to another one.
Individuals can contribute as much as $5,500 per year ($6,500 if married filing jointly) to a traditional IRA. Individuals are allowed to contribute $1,000 each ($2,000 if married or filing jointly) to a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contracts are financial instruments that are based on gold's price. These contracts allow you to speculate on future gold prices without actually owning it. But, physical bullion is real bars of gold or silver that you can hold in one's hand.
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
- (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)
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Want to Keep 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 accounts
- Yahoo Finance – Barrick Gold Corporation Stock Price, News & Quote – Barrick Gold Corporation (GOLD).
3 Ways To Invest in Gold For Retirement
It's essential to understand how gold fits into your retirement plan. If you have a 401(k) account at work, there are several ways you can invest in gold. You might also be interested to invest in gold outside the workplace. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. You may also want to purchase precious metals from a reputable dealer if you don’t already have them.
These are three simple rules to help you make an investment in gold.
- Buy Gold with Cash – Avoid using credit cards or borrowing money to fund investments. Instead, deposit cash into your accounts. This will protect you from inflation and help keep your purchasing power high.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. Physical gold coins can be sold much faster than paper certificates. Physical gold coins don't require storage fees.
- Diversify your Portfolio – Don't put all your eggs in one basket. By investing in multiple assets, you can spread your wealth. This reduces risk and allows you to be more flexible during market volatility.
By: Eliman Dambell
Title: Understanding the Recent Performance of Polygon and Cosmos Cryptocurrencies
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