Famous trader Eugene Ng Ah Sio recently released an optimistic analysis of Pudgy Penguins (PENGU), projecting that the token could garner significant interest in January.
Eugene believes that PENGU could establish a new narrative this year. In his detailed analysis, he stated, “PENGU is a prominent market leader in various sectors, including NFT, consumer, and memecoin. From a technical analysis standpoint, its mid-term support is at $0.03, and the range lows are not too far off. I anticipate PENGU to be the center of attention in January.”
In drawing a comparison, Eugene likened PENGU’s trajectory to that of APE, but he emphasized the strength of the development team and the upcoming catalysts. Notably, one significant event that could propel PENGU forward is the January launch of Abstract, which Eugene highlighted as a crucial factor that sets PENGU apart from other projects.
“PENGU is essentially a rerun of APE, but this time, we have a competent team that knows how to manage it,” he explained.
Eugene also observed that the market has already moved beyond the initial airdrop phase, paving the way for a more transparent price discovery as we approach 2025, with the initial momentum traders largely exiting the market.
*This should not be considered investment advice.
