The $1.12 is a 127.2% level applied to the corrective wave after the uptrend trendline 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 trendline.
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.