The $1.12 is a 127.2% level applied to the corrective wave after the uptrend breakout. After the rejection of the support PPC/USD begun to produce higher highs and higher lows while at the same time breaking above the 200 Moving Average and the downtrend .
These are the signals of the potential trend reversal where Peercoin could be going for a new all-time high in the very near future. There are two key psychological resistance levels that must be watched. First is $4, which is very near the 127.2% applied to June high and September low. The second is $6 area, while the key resistance is just above that at $6.5, where 227.2% Fibonacci level is.
Keep in mind that trend is very likely to reverse and Peercoin should start gaining against USD, however, a break and the daily close below $1 will invalidate this outlook.
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