The weekend ushered in a promising start for Shiba Inu and Solana, two notable players in the crypto market. Both coins demonstrated upward trends, marking the highest points for Shiba Inu since the beginning of the week and a significant climb for Solana above the $22.00 mark.
Shiba Inu (SHIB) Rally Continues
The Shiba Inu (SHIB) cryptocurrency continued to rally for the third consecutive day on Saturday. The meme coin posted a near 4% increase during the day, continuing its positive trajectory.
The low point for SHIB/USD on Friday was recorded at $0.000006828, which climbed to a peak of $0.000007099 by the start of the weekend. This peak marked the highest value for Shiba Inu since the previous Monday when it traded at a high of $0.00000721.
This rally was initiated when the bulls rejected a breakout of a floor at $0.00000670 earlier this week. The current trend indicates a potential movement towards a resistance level of $0.00000760.
Analysis of the movement chart shows that the surge has caused the relative strength index (RSI) to surpass its earlier ceiling of 45.00. At present, the price strength is recorded at 46.39, with the next visible resistance point at 51.00.
Solana (SOL) Surges Above $22.00
Another cryptocurrency making headlines this weekend was Solana (SOL). It exhibited a sharp rise, finally surpassing the $22.00 threshold.
The SOL/USD pair reached a peak of $22.20 earlier in the day's session. This was a notable increase from Friday's low of $21.39.
However, the initial surge seemed to have cooled off as the day progressed, likely due to the closing of earlier positions by the bulls. This shift could be linked to the RSI, which encountered a ceiling around the 53.00 region.
Currently, Solana is trading at $21.92, with the RSI tracking at 53.02. This indicates a possible momentum shift. The question remains whether Solana will remain below the $22.00 mark for the rest of the weekend.
Your thoughts on these developments are valuable. Feel free to share your views.
Frequently Asked Questions
What are the fees associated with an IRA for gold?
The average annual fee to open an individual retirement account (IRA), is $1,000. There are many types of IRAs available, including traditional, Roth, SEP and SIMPLE IRAs. Each type has its own set requirements and rules. If you don't have tax-deferred investments, then earnings may need to be taxed. The amount of time you intend to keep the money must be considered. If you have a long-term goal of holding on to your money, you'll be able to save more money if you open a Traditional IRA.
A traditional IRA allows you to contribute up to $5,500 per year ($6,500 if you're 50 or older). A Roth IRA allows for unlimited annual contributions. The difference is simple. With a traditional IRA you can withdraw the money when you retire and pay no taxes. With a Roth IRA, however, any withdrawals will be subject to taxes.
Can a gold IRA make you money?
Yes, but not as much. It all depends upon how much risk you are willing and able to take. It's possible to retire with $1 million if your retirement age is reached if you are able to put aside $10,000 per year for 20 consecutive years. However, if you have all your eggs in one place, you could lose everything.
Diversifying your investments is important. Gold does well when there is inflation. You want to invest in an investment asset that rises with inflation. Stocks can do this well as they rise when profits are increased. This is also true for bonds. They pay interest each and every year. They are great during economic growth.
What happens when inflation is absent? In deflationary periods stocks and bonds both fall in value. This is why investors should not invest all of their savings in one investment, such a bond mutual fund or stock mutual fund.
Instead, they should invest in a mix of different funds. They could invest both in stocks and bonds, for instance. They could also invest both in bonds and cash.
This way, they have exposure to both sides of the coin. Both deflation and inflation. They will see a return over time.
Should you open a Precious Metal IRA
The answer depends on whether you have an investment goal and how much risk tolerance you are willing to take.
An account should be opened if you are planning to use the money in retirement.
Precious metals will appreciate over time. They offer diversification advantages.
Furthermore, the prices of gold and silver tend to move together. This makes them an excellent choice for investors in both assets.
You shouldn't invest precious metal IRAs if you don't plan on retiring or aren't willing to take risks.
How much should precious metals be included in your portfolio?
Investing in physical gold is the best way to protect yourself from inflation. This is because you not only get the current price but also the future value when you invest precious metals. Your investment will increase in value as the prices rise.
Any gains you make from investments that you hold onto for at least five year will be tax-free. After that time, capital gains taxes will be due. Visit our website to find out more about buying gold coins.
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.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)
- 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
How to Buy Gold For Your Gold IRA
Precious metal is used to describe precious metals such as gold, silver (excluding helium), palladium, palladium or osmium), ruthenium, rose, rhenium, ruthenium and others. It refers only to elements with atomic number 79-110 (excluding helium). These elements are considered valuable because they are rare and beautiful. Gold and silver are the most popular precious metals. Precious metals are often used as money, jewelry, industrial goods, and art objects.
Supply and demand affect the gold price daily. As investors seek safety from unstable economies, there has been an increase in demand for precious metals in the last decade. The increased demand has led to a significant rise in prices. However, the increasing cost of production has made some people concerned about investing in precious metals.
Because gold is rare and durable, it makes a good investment. The value of gold is never lost, which is unlike many other investments. Additionally, you can sell and buy gold without any taxes. There are two ways that you can invest your gold. You have two options: you can buy gold bars and coins, or you can invest in futures contracts.
In-dispute liquidity can be achieved with physical gold bars or coins. They are easy and convenient to trade or store. However, they are not very inflation-proof. For protection against rising prices, gold bullion is a good option. Bullion, also known as physical gold and available in different sizes, is physical. Bullion comes in a variety of sizes, including kilo bars and one-ounce pieces. Bullion is typically stored in vaults to protect it from theft and fire.
Gold futures can be a great way to buy shares rather than actual gold. Futures give you the opportunity to speculate about what might happen to gold's value. Gold futures allow you to be exposed to its price without owning any physical commodity.
If I wanted to speculate about whether gold's price would rise or fall, I could buy a gold contract. My position will change when the contract expires. It can be either “longer” or “shorter.” A long contract means I believe the gold price will rise, so I am willing to hand over money now in return for the promise of more money when the contract expires. On the other hand, a short contract means that I think the price of gold will drop. I'm willing now to accept the money in exchange for the promise of making less later.
I'll get the contract's specified amount of gold plus interest when it expires. This gives me exposure to the gold price, but I don't have to own it.
Precious metals can be a great investment because they are very hard to counterfeit. While paper currencies can be easily counterfeited by printing new bills, precious metals cannot. Because of this, precious metals have traditionally held their value well over time.
By: Eliman Dambell
Title: Shiba Inu and Solana: Cryptocurrency Trends This Weekend
Sourced From: news.bitcoin.com/biggest-movers-shib-hits-6-day-high-to-start-the-weekend/
Published Date: Sat, 14 Oct 2023 13:33:53 +0000