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XRP, BTC Among Major Tokens Flashing Signs of Bulls Returning to Crypto
The improving market breadth points to growing investor confidence.
What to know:
- At least six of the top 10 cryptocurrencies by market value are trading above their 200-day moving averages, indicating a broader bullish trend.
- The 200-day SMA is considered a key indicator of long-term trends, with a move above it signaling bullish momentum.
- The bull market is expanding beyond a few coins, reflecting growing investor confidence in the crypto market.
The bulls are back, and it's not just for bitcoin
.Latest data reveals that at least six of the other top 10 tokens by market value, excluding stablecoins, are now trading above their 200-day simple moving averages (SMA).
STORY CONTINUES BELOW
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The 200-day SMA is widely seen by many, including Coinbase, as the barometer of long-term trends. A sustained move above the average is considered bullish momentum.
As of writing, XRP, BTC, BNB, ADA, TRX, SUI, traded comfortably above their respective 200-day SMAs, signaling a bull market. Meanwhile, ETH, SOL, DOGE and LINK remained below the average, data from TradingView show.
That's an improvement from the end of April, when only XRP, BTC and TRX traded above their 200-day SMAS, and four weeks ago, when only XRP and TRX held above the average.
The data indicates the bull market is fast expanding beyond a select few coins to signal growing investor confidence.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
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