Hedera (HBAR)'s market cap seems ready to rebound to historic highs after falling to $10.11 billion. HBAR's price trends and key indicators support this optimistic outlook.

If this bullish prediction holds, HBAR could recover some recent losses and potentially climb to higher levels, reigniting investor confidence in the long-term prospects of altcoins.

Hedera token shows strength

On December 3, HBAR's market cap was $14.2 billion. This is the highest value since the mainnet launch in September 2019. Market cap is the product of the cryptocurrency's circulating supply and price.

Currently, out of the project's total supply of 50 billion, 13.22 billion are in circulation. However, much of the increase in market cap may be related to the rise in HBAR's price. Recently, the value of the altcoin skyrocketed by 600% within weeks.

Although HBAR's market cap shows signs of recovery potential, the token price has dropped from $0.38 to $0.26, indicating a pause in bullish momentum. However, HBAR has rebounded from recent lows in the past 24 hours, suggesting renewed buying interest. If this recovery continues, HBAR's market cap may return to the $14 billion level.

Additionally, on-chain data from Santiment shows that HBAR's social dominance surged to 1.14%. This metric tracks the level of discussion around the cryptocurrency compared to the other top 100 cryptocurrencies.

An increase in dominance typically indicates growing attention and interest in the asset, often fueling bullish sentiment. If HBAR's social dominance continues to rise, it may increase the token's value and support its market cap's potential recovery to $14 billion.

Ivy's social advantage. Source: Santiment

HBAR Price Prediction: The next possible target is $0.45

From a technical perspective, BeInCrypto observed the formation of a bullish flag pattern on the HBAR/USD chart. A bullish flag is a pattern resembling a flag on a flagpole. It forms during a strong upward price trend, where an initial sharp rise ('flagpole') is followed by a period of consolidation ('flag').

This consolidation typically moves slightly downward or sideways, reflecting a temporary stagnation in market momentum. When this pattern ends, it is usually accompanied by another significant price surge.

For HBAR, it seems ready to rise again. If so, HBAR's value could rise to $0.45. However, if selling pressure increases, the value of the altcoin could drop to $0.17.

In short

Hedera (HBAR) currently has a market cap of $10.11 billion, having previously peaked at $14.2 billion, with prices expected to rebound.

HBAR's social dominance indicates rising interest among people, which may fuel bullish sentiment and support its growth.

The bullish flag pattern suggests a potential rise to $0.45. Increased selling pressure could invalidate this prediction, pushing HBAR down to $0.17.