Binance Coin Price Analysis: BNB retraces below $400, rejects further downside

TL;DR Breakdown Binance Coin price analysis is bullish for today.BNB saw heavy selling overnight.BNB/USD rejects further downside. Binance Coin price analysis is bullish for today as the market rejected further downside overnight after a strong decline over the past 24 hours. Therefore, we expect BNB/USD to rally higher today and look to set further highs later this week. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded in the red over the last 24 hours. Market leader, Bitcoin is down by 3.27 percent, while Ethereum is down by 6 percent. Binance Coin (BNB) is among the worst performers, with a loss of 6.48 percent. Binance Coin price movement in the last 24 hours: Binance Coin retraces below $400 BNB/USD traded in a range of $387.82 – $435.72, indicating strong volatility over the last 24 hours. Meanwhile, the total trading volume has decreased by 2.3 percent and totals $2.66 billion. The total market capitalization trades around $67.3 billion, ranking the cryptocurrency in 3rd place overall. BNB/USD 4-hour chart: BNB is set to rally after a retracement? On the 4-hour chart, we can see the Binance Coin price action establishing another higher low as bulls prepare to push the market higher later this week. BNB/USD 4-hour chart. Source: TradingView Binance Coin price action has seen a gain of around 70 percent over the last month. After a swing low was established around $269, bulls took the m...