Famous trader Eugene Ng Ah Sio has published an optimistic analysis of Pudgy Penguins (PENGU), predicting that the token could attract significant interest in January.
Eugene suggests that a potential new narrative for PENGU will emerge this year.
Eugene said in his detailed analysis:
“PENGU is a clear market leader across multiple sectors (NFT/consumer/memecoin). From a technical analysis perspective, its mid-term support is at $0.03 and the range lows are not far away. I expect PENGU to be the focus of attention in January.”
He likened PENGU to the trajectory of APE, but emphasized the strength of the development team and upcoming catalysts. Interestingly, one major event that could give PENGU momentum is the January release of Abstract, which Eugene highlighted as a key factor that sets PENGU apart from other projects.
“PENGU is basically a rerun of APE, but this time we have a properly functioning team that knows how to run it,” he explained.
Eugene also noted that the market has already moved past the initial airdrop phase, paving the way for cleaner price discovery heading into 2025, with the initial momentum traders largely exiting the market.
*This is not investment advice.
