Dogecoin (CRYPTO: DOGE) has been showing a "steady accumulation phase" similar to what was seen in past bull cycles, according to crypto analyst Javon Marks.

What Happened: In a recent post on X, formerly Twitter, the analyst said that DOGE has a "great relationship" with Fibonacci extension levels, specifically the 1.618 level.

According to Marks, in the two previous primary cycles, 2014 to 2017 (Cycle 1) and 2017 to 2021 (Cycle 2), Dogecoin exceeded the 1.618 Fibonacci extension measured from its respective accumulation phases in their bear market lows.

In Cycle 1, DOGE went from a 0 Fibonacci level in the 2015 bear market low to a peak above the 1.618 Fibonacci level in 2018. This translated to a move from $0.00009 to $0.00748, representing an increase of more than 8,200% from its cycle low.

Cycle 2 followed a similar structure, where the pattern of surpassing the 1.618 Fib level held true. DOGE initially consolidated around its 0 Fib baseline near $0.00168 throughout most of 2020 during a prolonged bear market. Then, in early 2021, the meme coin began to surge aggressively, first reclaiming the 1.0 extension level around $0.11773 and eventually moving beyond the 1.618 extension of $0.39921. This breakout culminated in Dogecoin reaching its current all-time high of approximately $0.7326 in May 2021, a 43,000% increase from its cycle low.

As seen from the chart shared by the analyst, the Fibonacci projection for the current Dogecoin cycle begins at the 2022 bear market low of $0.06036. This price point forms the zero baseline for what is now being tracked as Cycle 3.

With this in mind, it places the current 1.618 Fibonacci extension target at $2.28008 for the ongoing cycle. Notably, the 1.0 Fib extension level was already confirmed at $0.56953 following Dogecoin’s earlier all-time high. Reaching this price target would translate to a 3670% increase from the current price level.

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What Next For Dogecoin: According to Marks, each breakout not only exceeded the Fibonacci level but also reset the base for the next macro cycle.

Hence, a successful move above $2.28 would complete the third full cycle and lay the groundwork for DOGE’s long-term valuation above the $1 threshold even in the next bear market.

At the time of writing, DOGE trades at $0.1912, up 5.5% in the past 24 hours.