The market capitalization of Hedera (HBAR) is poised to recover to an all-time high after dropping to $10.11 billion. Price action and key indicators for HBAR support this optimistic outlook.
If this positive prediction is accurate, HBAR could recover some of the recent losses and potentially rise to higher levels, rekindling investor confidence in the long-term potential of this altcoin.
HBAR shows strong signals
On December 3, HBAR's market capitalization reached $14.20 billion, the highest since the Mainnet launched in September 2019. Market capitalization is the result of circulating supply multiplied by the cryptocurrency's price.
Currently, the project has $13.22 billion of a total maximum supply of 50 billion HBAR. However, much of the recent increase in market capitalization may be related to the price rise of HBAR. Recently, the value of this altcoin has increased by 600% in just a few weeks.
Although HBAR's market capitalization shows recovery potential, the token's price has dropped from $0.38 to $0.26, indicating a pause in bullish momentum. However, HBAR has recovered from recent lows over the past 24 hours, showing increasing buying interest. If this recovery continues, HBAR's market capitalization could return to the $14 billion mark.
Market capitalization of Hedera | Source: Santiment
Furthermore, on-chain data from Santiment shows a significant increase in HBAR's 'social dominance,' reaching 1.14%. This metric tracks the level of discussion about a cryptocurrency compared to others in the top 100.
This increase often signals growing attention and interest in an asset, thereby contributing to a bullish sentiment. If HBAR's social dominance continues to rise, the token's value could be reinforced and support the recovery of market capitalization to $14 billion.
HBAR's social dominance index | Source: Santiment
HBAR price prediction: $0.45 could be the next target
From a technical perspective, Bitcoin Magazine observes the formation of a 'bull flag' pattern on the HBAR/USD chart. The 'bull flag' pattern looks like a flag on a pole, forming in a strong price uptrend, where a strong initial price surge (known as the 'flagpole') is followed by a corrective phase (known as the 'flag').
This corrective phase tends to be sideways or slightly down, reflecting a pause in market momentum. When this pattern completes, there is often a strong price surge that follows.
Daily HBAR/USD chart | Source: TradingView
For HBAR, it seems that this token is ready for a new surge. If so, the price of HBAR may rise to $0.45. However, if selling pressure increases, the value of this altcoin may drop to $0.17.
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