Hedera’s (HBAR) market capitalization appears poised to regain its all-time high after a decline that saw it fall to $10.11 billion. HBAR’s price action and key indicators support this bullish outlook.
If this bullish forecast holds true, HBAR could recover some of its recent losses and potentially rise to much higher levels, once again boosting investor confidence in the altcoin’s long-term prospects.
Hedera token shows strength
As of December 3, HBAR’s market capitalization was $14.20 billion. This value was the highest since the creation of the main network in September 2019. Market capitalization is the product of the supply in circulation and the price of a cryptocurrency.
The project currently has 13.22 billion of the 50 billion in circulation. However, much of the increase in market cap can be attributed to higher HBAR prices. Recently, the price of the altcoin increased by 600% in a few weeks.
While HBAR’s market cap showed potential for recovery, the token’s price declined from $0.38 to $0.26, indicating a pause in bullish momentum. However, over the past 24 hours, HBAR has rebounded from its recent low, hinting at renewed buying interest. If this recovery continues, HBAR’s market capitalization could return to the $14 billion level.
Additionally, Santiment’s network data shows an increase in HBAR’s social dominance reaching 1.14%. This metric tracks the level of discussion surrounding a cryptocurrency compared to other top 100 cryptocurrencies.
Increasing dominance usually signals growing attention and interest in an asset, which often contributes to bullish sentiment. If HBAR’s social dominance continues to grow, it could increase the value of the token and support its potential recovery to $14 billion in market capitalization.
HBAR Price Prediction: $0.45 Could Be Next
From a technical perspective, BeInCrypto observed a bullish flag forming on the HBAR/USD chart. A bull flag is a pattern that resembles a flag on a pole. It forms during a strong uptrend in prices, when a sharp initial rise (the “flagpole”) is followed by a period of consolidation (the “flag”).
This consolidation usually moves slightly lower or sideways, reflecting a temporary pause in market dynamics. When this pattern ends, it is often followed by another sharp price increase.
As for HBAR, it looks poised for new growth. If so, the value of HBAR could rise to $0.45. However, if selling pressure increases, the price of the altcoin could fall to $0.17.
