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After touching $103, Terra (LUNA) pulls back

Since reaching a local low of $51.80 on December 14, LUNA has been growing at a parabolic rate. It has doubled in price in just 14 days, reaching a new all-time high of $103.60 on December 27.

However, it dropped quickly after that and is now trading slightly around $80.
The nearest support area, generated by the previous all-time high resistance region, is found at $77.

Technical indications are indicating a lack of strength. The MACD, which is made up of short and long-term moving averages (MA), is decreasing but still positive. This shows that, despite deceleration, the short-term MA is still advancing faster than the long-term average.

Similarly, the RSI has dropped below 70 but remains over 50. The RSI is a momentum indicator with a bullish bias when it exceeds 50. The drop below 70, on the other hand, indicates that momentum is fading.

As a result, the daily time frame yields a mixed result.
Looking at Fib levels, it appears that LUNA may have struck a local top. When assessing the most recent decrease, the all-time high was created close above the 1.61 external Fib retracement level.

@CryptoNTez, a cryptocurrency trader, tweeted a LUNA/BTC chart, claiming that the current flip could result in a new all-time high price.

The LUNA/BTC chart is comparable to the USD pair in terms of outlook.

The pair has been rising in a parabolic pattern, reaching the 2.61 long-term external Fib retracement level (white) as well as the 1.61 short-term Fib retracement level (black).

As a result, there’s a chance that a local top has been attained.

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