After a few days of consolidation, Peercoin looks to be on its way up – although some further confirmation shall be required before we can ascertain such bulls with a valid threshold of confidence.
Let’s take a closer look at the latest PPC/USD Daily chart below (click to expand):
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I’ve performed the Fibonacci study from the high of April on the 16th at 3.245, until the low of the past fortnight at 1.912.
During my previous technical analysis on Peercoin, I said, “looking at the indicators doesn’t provide us with a concrete answer quite frankly, for example the Stochastics are in oversold territory, whilst heading north, whereas the two Bill Williams’ indicators of Accelerator and Awesome are showing red, so I’m not leaning to a specific direction at the moment.”
Well, since then, one thing has changed – namely the Accelerator turning green. Unfortunately this is not enough for us to outright state that this is the beginning of an uptrend. However, what I will say is this – if the Awesome Oscillator turns green over the weekend, it will definitely spark my interest in a move up. At the very least, we’d expect to see price rise to test the 23.6% Fibonacci at 2.27.
Concerning what happens beyond that, well – we shall cross that bridge when we come to it – as 23.6% has already been tested before, at the very start of this month (marked in red), so depending on what the technicals are saying then, we’ll be able to make a more informed analysis as to whether we’re likely to see a break or not.