Someone asked me to look into peercoin, so I don't know much about the fundamentals. But this is what I see on the chart. It has been, and still is a downward channel. It spiked at the end of November, after a major bullish divergence was formed on the RSI and MACD. It touched the trendline, but could not break it. Again the RSI cross of the trendline (yellow elipse), showed the best point of entry for this move.
On the short-term, I see a descending triangle forming which more often than not breaks out to the downside. This, together with the wave pattern on the longterm makes me think that peercoin could be going down one more wave. Again, I don't know much about the fundamentals, so if there is any upcoming major news or new updates, this might change things.