The cryptocurrency bull market is expanding, indicating increased investor confidence. Latest data shows that at least six of the top 10 tokens by market value, excluding stablecoins, are now trading above their 200-day simple moving averages (SMA).
As of today, XRP, BTC, BNB, ADA, TRX, and SUI are trading above their 200-day SMAs, signaling a bullish trend. This is an improvement from late April, when only XRP, BTC, and TRX were above this key indicator, according to TradingView data.
The 200-day SMA is considered a barometer of long-term trends, with a sustained move above it indicating bullish momentum. The expanding number of cryptocurrencies above this average suggests a broadening bull market and growing investor confidence.
This article is based on our author's analysis of materials taken from TradingView.