The bullish momentum in the crypto market is broadening, with several major tokens now joining Bitcoin in surpassing important technical levels.
Latest data reveals that at least six of the top 10 cryptocurrencies by market cap—excluding stablecoins—are now trading above their 200-day simple moving averages (SMA). The 200-day SMA is a critical technical indicator used to assess long-term market trends, with a sustained move above it signaling positive momentum.
At present, XRP, Bitcoin (BTC), BNB, ADA, TRX, and SUI are all trading comfortably above their respective 200-day SMAs, indicating a strengthening bull market. On the other hand, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Chainlink (LINK) remain below their 200-day averages, according to TradingView.
This is a marked improvement from 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 maintaining positions above the average.
The data points to an expanding bull market, suggesting that investor confidence is growing and spreading across a broader range of cryptocurrencies.
