The crypto market is showing increased signs of bullish momentum, with more tokens joining Bitcoin in trading above crucial technical levels.
New data indicates that six of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, are now trading above their 200-day simple moving averages (SMA). The 200-day SMA is a key metric used by many analysts, including Coinbase, to gauge long-term market trends. A sustained move above this line is typically viewed as a bullish signal.
Currently, XRP, Bitcoin (BTC), BNB, ADA, TRX, and SUI are all comfortably trading above their respective 200-day SMAs, suggesting a strengthening bull market. In contrast, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Chainlink (LINK) remain below their averages, as per TradingView data.
This marks a positive shift compared to the end of April, when only XRP, BTC, and TRX were above their 200-day SMAs. Just a month ago, XRP and TRX were the only tokens holding above this key level.
This broader upward movement signals an expanding bull market, reflecting growing investor confidence and interest in a wider range of cryptocurrencies.
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