Peercoin's rise from the abyss is something to admire, reaching a month high of 3.25, with stability now taking hold, although the bears are beginning to encircle once again.
Let's take a closer look at the latest PPC/USD four hour chart.
We can see how price rose from 1.28 till 3.25, it's value increasing more than 150% in a little over a week. So it's of no surprise that I've performed today's Fibonacci study using these two points. Despite Peercoin's rapid hike, there was a fall, down to the 50% mark at 2.26, marked in blue, however that's as low as it's been, which given Peercoin's terrible record over the past weeks and months, isn't rather too bad.
Since then, we've seen price fluctuate between two Fibonacci retracement levels, namely the 23.6% at 2.78 and the 38.2% at 2.5, as can be seen via the white rectangle I've drawn. And there are reasons to believe this will continue. Firstly, the Bollinger Bands are also now developing into horizontal lines, further signifying indecision, as consolidation comes into place, and secondly, even though the Stochastics are heading down, we actually have the Accelerator Oscillator and Awesome Oscillator as green.
Thus, I am very confident that in the short term. price is going to touch 38.2% again (at 2.5), before bouncing back up some pips. For the long term however, we could see the bears take control once again.
