In recent trading sessions, Polygon, a well-known cryptocurrency, experienced a downtrend for the fourth consecutive day. The market's bearish sentiment seems to be affecting the coin's performance, pushing it to a ten-day low. This downturn is reflective of the global market cap, which also remains in a bearish state. However, in contrast, Cosmos showed signs of recovery, bouncing back from its lowest level since mid-September.
A Closer Look at Polygon (MATIC)
Polygon (MATIC) continued its recent downtrend in the current trading session, marking its fourth straight day of losses. The coin started the week on a high note at $0.5396, but the price saw a significant decline, hitting an intraday low of $0.5241.
This trend has brought the cryptocurrency to its weakest point since September 29, when it hit a low of $0.5163. Based on the current chart, it appears that sellers are pushing Polygon towards a support level of $0.5070.
To reach this point, the Relative Strength Index (RSI), a popular technical indicator, will need to hit a low of 40.00. Its current standing is at 43.75. Conversely, bullish traders may be waiting to re-enter the market as Polygon approaches the aforementioned support level.
The Recovery of Cosmos (ATOM)
After identifying a support level at the beginning of the week, Cosmos (ATOM), another popular cryptocurrency, managed to rally significantly on Tuesday. The ATOM/USD pair saw a jump to a peak of $7.14 in today's trading session, which is a marked increase from the low of $6.63 just a day before.
This low was the lowest point Cosmos had reached since September 15, the last time the price broke through the $6.65 floor. The recent recovery suggests that bullish traders have rejected the downward trend and are now eyeing a resistance level of $7.60.
However, the RSI indicator shows an upcoming ceiling at the 48.00 level, which might pose a significant challenge to this upward movement.
Given these market trends, it will be interesting to observe whether Cosmos will rally towards the $7.60 mark this week. As the cryptocurrency market is highly volatile, these trends offer valuable insights for traders and investors.
Frequently Asked Questions
What are the three types?
There are three types: Roth, Traditional, and SEP. Traditional, Roth, and SEP. Each type offers its advantages and disadvantages. Each of these types will be described below.
Traditional Individual Retirement Account (IRA).
Traditional IRAs allow you to make pretax contributions to an account that allows you to defer taxes while still earning interest. Withdrawals from this account are exempted from tax once you have retired.
Roth IRAs allow for you to make after-tax deposits into an account. The earnings are tax-free. You can also withdraw money from the account to retire your funds tax-free.
This is similar to a Roth IRA but requires additional contributions from employees. These extra contributions are subject to income tax but any earnings will grow tax-deferred again. When you leave your company, you may convert the entire amount into a Roth IRA.
What precious metals can you invest in for retirement?
It is important to know what you have already saved and where money you are saving for retirement. If you don't know how much you currently have saved, start by taking an inventory of everything you own. This includes all savings accounts and stocks, bonds or mutual funds. It also should include certificates of Deposit (CDs), life insurance policies. Annuities, 401k plans, real-estate investments, and other assets like precious metals. Then add up all of these items to determine how much you have available for investment.
If you are under 59 1/2 you should consider opening a Roth IRA Account. A Roth IRA, on the other hand, allows you to subtract contributions from your taxable revenue. However, you will not be able take tax deductions on future earnings.
If you decide that you need more money you'll need another investment account. You can start with a regular brokerage account.
Can I invest in gold?
The answer is yes! You can include gold in your retirement plan. Because it doesn't lose any value over time, gold is a great investment. It is also immune to inflation. It is also exempt from taxes.
It's important to understand the differences between gold and other investments before investing in it. You cannot buy shares of companies that are gold, like stocks and bonds. These shares can also be not sold.
Instead, convert your gold to money. You will have to get rid. You can't just hold onto it.
This is what makes gold unique from other investments. As with other investments you can always make a profit and sell them later. But that's not the case with gold.
Even worse, you can't use the gold as collateral for loans. For example, if a mortgage is taken out, you may have to sell some of your gold in order for the loan to be paid.
So what does this mean? You can't just keep your gold forever. You will have the need to make it cash someday.
But there's no reason to worry about that now. Open an IRA account. You can then invest in gold.
How do you choose an IRA.
The first step to finding an IRA for you is understanding your account type. This will include whether you're looking for a Roth IRA or a traditional IRA. You should also know how much money your have available to invest.
Next, you need to determine which provider is best suited for your needs. Some providers offer both accounts while others are specialized in one.
You should also consider the fees associated each option. Fees can vary greatly between providers, and may include annual maintenance charges and other fees. A monthly fee may be charged by some providers depending on how many shares your company holds. Others charge only once per quarter.
How can I withdraw from an IRA with Precious Metals?
If you have an account with a precious-metal IRA company like Goldco International Inc, you might consider withdrawing your funds. This will ensure that your metals are worth more than if they were in an account with a precious metal IRA company like Goldco International Inc.
Here is how to withdraw precious metal IRA funds.
First, verify that your precious metal IRA allows withdrawals. Some companies offer this option while others do not.
The second step is to determine if selling your metals will allow you tax-deferred gain. Most IRA providers offer this benefit. Some IRA providers offer this benefit, but others don't.
Third, you should check with the provider of your precious metal IRA to determine if there are fees for these steps. The withdrawal may cost extra.
Fourth, keep track of your precious metal IRA investments for at least three years after you sell them. In other words, wait until January 1st each year to calculate capital gains on your investment portfolio. Then file Form 8949, which provides instructions for calculating the amount of gain you realized.
Not only must you file Form 8949 but also have to report to the IRS the sale of precious metals. This step ensures that you pay taxes on all profits earned from your sales.
Finally, consult a trusted accountant or attorney before selling your precious metals. They will ensure you are following all the procedures and avoid making costly mistakes.
How does an IRA for gold and/or silver work?
You can make investments in precious metals (such as gold or silver) without having to pay tax. These precious metals are an attractive investment for anyone looking to diversify their portfolios.
You do not have to pay income tax on interest earned from these accounts if you are over 59 1/2. You also do not have to pay capital gains tax on any appreciation in the account's value. The maximum amount that you can invest in this type of account is $10,000. The minimum amount is $10,000. If you're under the age of 59 1/2, investing is not allowed. Maximum annual contribution is $5,000.
If you die before retirement, your beneficiaries may receive less than the full amount in your account. Your estate must include enough assets to cover the balance remaining in your account after all other expenses and debts have been paid.
Some banks offer gold and silver IRA options, while others require you to open a regular brokerage account through which you buy shares or certificates.
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.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)
- 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)
How to Open a Precious Metal IRA
Precious metals are one of the most sought-after investment vehicles today. They are so popular because they allow investors to earn higher returns than traditional investments like stocks and bonds. It is worth your time to research and plan before you invest in precious metals. If you want to open your own precious metal IRA account, here's what you should know first.
There are two main types to precious metal accounts. The physical precious metallic accounts and the paper gold-silver certificates (GSCs). Each type has advantages and drawbacks. GSCs and physical precious metals accounts can offer diversification, but they are difficult to trade and easy to access. Continue reading to learn more about each of these options.
Physical precious metals accounts are comprised of bullion and bars as well as coins. Although diversification benefits are great, this option has drawbacks. The costs involved in buying, storing and selling precious metals can be quite high. It can also be difficult to transport their large sizes from one place to the next.
However, silver and gold certificates made of paper are quite affordable. They can also be traded online and are easily accessible. This makes them an ideal choice for those who don’t desire to invest in precious metallics. They aren’t as diversifiable as their physical counterparts. These assets are also supported by government agencies, such as the U.S. Mint. Inflation rates could cause their value to drop.
You should choose the account that best suits your financial needs before you open a precious-metal IRA. These are some factors to consider before you do this:
- Your risk tolerance level
- Your preferred asset allocation strategy
- How much time are you willing to put in?
- You can decide whether or not to use the funds for trading purposes.
- What kind of tax treatment you'd prefer
- Which precious metal would you like to place your money in?
- How liquid can your portfolio have to be
- Your retirement age
- Where you'll store your precious metals
- Your income level
- Your current savings rate
- Your future goals
- Your net worth
- Any special circumstances that may affect your decision
- Your overall financial situation
- Your preference between paper and physical assets
- Your willingness to take on risks
- Your ability to deal with losses
- Your budget constraints
- You desire to be financially independent
- Your investment experience
- Your familiarity and knowledge of precious metals
- Your knowledge of precious Metals
- Your confidence and faith in the economy
- Your personal preferences
After you have determined the type of precious metal IRA that best suits you, you can open an account with a reputable dealer. These dealers can be found via referrals, word-of-mouth, and online research.
Once your precious metal IRA has been opened, you'll need decide how much money you wish to invest. There are different minimum deposits for precious metal IRA accounts. Some require only $100, while others will allow you to invest up to $50,000.
As mentioned above, you can decide how much money you want to invest in your precious metal IRA. You might choose to make a larger initial investment if your goal is to build wealth over the long-term. However, a smaller initial deposit might work for you if your goal is to invest less money each month.
You have many options when it comes to the type of investments you can make. These are the most popular:
- Bullion bars, rounds and coins in gold – Gold
- Silver – Rounds & coins
- Platinum – Coins
- Palladium-Bar and Round Forms
- Mercury – Round and Bar Forms
By: Eliman Dambell
Title: Cryptocurrency Market Trends: Analyzing Polygon and Cosmos
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