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Binance Coin (BNB) might be set for a surprising surge if it breaks out from its ongoing consolidation phase.

Top crypto analyst Crypto Randmarked outthis consolidation phase in a post on X. According to Crypto Rand, BNB has been consolidating nicely following the breakout of the primary downtrend resistance.

Binance Coin hasrecordedsteep slumps for the better part of this year. Despite its 0.38% growth in the past 24 hours, BNB is down 14.20% Year-to-Date (YTD) and more than 35% over the past six months.

Crypto Rand maintains an optimistic outlook for BNB despite this bearish historical performance. The chart accompanying his analysis shows three distinct downtrend resistance phases and the ensuing consolidation movements.

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From August 2022 to June this year, BNB hovered between a low price of $260 and a peak of $340. Marked by the upper blueish bands, BNB oscillated differently and even breached the $260 support zone around January.

As uncertainties surrounding Binances legal status in the United States emerged, BNB nosedived below $260 in June, turning that price point into new resistance.

This downward move ushered in its second consolidation phase from June to August. Currently, BNB has once again flipped the support at $230, dropping below $210 earlier this month.

The immediate mission is to regain the $230 resistance. Should the optimism from Crypto Rand materialize into actual growth, it can usher in a rally that might return the coin to the $260 range soon.

BNB trades at $212.14, with its market capitalizationpeggedat $32.18 billion. Crypto Rand confirmed that BNB recently witnessed an impressive increase in volume not recorded months ago.

One major challenge of Binance Coin is the impact of the crackdown from the U.S. SEC. Damning as the case appears, BNB is not alone in the fight as the trading of ADA, SOL, FIL and others on secondary exchanges constitutesinvestment contracts per the SEC.

As Binance and Coinbasefightthe SEC in this regard, a good precedent is set in XRPs ruling. This presents a long-term bullish outlook if all assumptions turn out as experts predict.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Binance Coin (BNB) in Consolidation Mode: Is a Breakout Imminent? - The Crypto Basic