Dpgwifhat price jumps 30% after WIFStrategy buys 500,000 tokens

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.

Source: TradingView

$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.