Dogwifhat price has surged 30% after WIFStrategy purchased 500K tokens, as WIF eyes further upside on the back of a bullish cup-and-handle pattern.

Dogwifhat (WIF) surged 12% yesterday, breaking out of an ascending channel and reaching a local peak of $1.30. Although WIF price has since pulled back slightly to $1.22, it continues to hold firmly above the channel’s upper trendline.

This breakout has also brought WIF price closer to completing a cup-and-handle pattern, with the rim resistance positioned at around $1.32. The price is now just 7.5% away from a potential breakout above this key level. If this resistance is cleared, it will open the door for a move towards $2.30 based on the measured move from the cup-and-handle pattern.

Support on the downside remains at the ascending channel’s upper boundary near $1.20. Losing this level could invalidate the bullish setup and trigger a pullback toward the $1.10 region, or even as low as $1.00, where the ascending channel’s lower trendline currently lies.

WIF price was recently buoyed by its June 10 listing on Bithumb, one of South Korea’s largest crypto exchanges. At the time, the memecoin was still in a downtrend, but the listing may have helped catalyze the subsequent reversal and contributed to the ongoing uptrend.

Adding to the bullish momentum, on July 13, WIFStrategy, a digital asset firm focused exclusively on Dogwifhat, purchased 500,000 WIF tokens. Their buy appeared to trigger a sharp rally, pushing the price up by 30% from the July 13 opening to the peak of $1.30 reached yesterday.