The crypto market is showing signs of a broader recovery, as more tokens join Bitcoin in the bullish trend.
Recent data reveals that at least six of the top 10 cryptocurrencies by market capitalization—excluding stablecoins—are now trading above their 200-day simple moving averages (SMA). This key technical indicator, widely recognized by platforms like Coinbase, is used to assess long-term market trends, with a sustained move above it signaling bullish momentum.
As of the latest data, XRP, Bitcoin (BTC), BNB, ADA, TRX, and SUI are all trading above their 200-day SMAs, reinforcing the bull market narrative. However, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Chainlink (LINK) remain below their respective averages, according to TradingView data.
This marks a notable improvement since the end of April, when only XRP, BTC, and TRX were above their 200-day SMAs. Just four weeks ago, only XRP and TRX had maintained their positions above the average.
These developments suggest that the bull market is expanding beyond a small group of leading coins, indicating a growing sense of confidence among investors.
