Binance Coin Price Analysis: BNB reaches $500, set for a retracement today?

TL;DR Breakdown Binance Coin price analysis is bearish for today.BNB/USD spiked 15 percent yesterday.Resistance was found at the $500 price mark. Binance Coin price analysis is bearish for today as the market rallied more than 15 percent yesterday and set a new swing high at $500. However, since BNB/USD started to consolidate, we assume bulls are exhausted, and a retracement is expected later today. Cryptocurrency heat map. Source: Coin360 The overall market traded with mixed results over the last 24 hours. Bitcoin has lost 1 percent, while Etherem is up by 0.57 percent. Meanwhile, Solana (SOL) is among the best performers, with a gain of 6.4 percent. Binance Coin price movement in the last 24 hours: Binance Coin advances to the $500 resistance  BNB/USD traded in a range of $478.38 – $509.34, indicating substantial volatility over the last 24 hours. Trading volume has increased by 34.1 percent and totals $3.4 billion, while the total market capitalization trades around $83.5 billion, ranking the coin in 4th place overall. BNB/USD 4-hour chart: BNB prepares for a retracement? On the 4-hour chart, we can see the Binance Coin price action trading sideways overnight, indicating an upcoming retracement. BNB/USD 4-hour chart. Source: TradingView Binance Coin price action has traded with a strong bullish momentum over the last month. From the previous major swing low of around $255, BNB/USD has gained almost 100 percen...