Hedera (HBAR) Eyes $14 Billion Market Cap Comeback After Brief Decline

Hedera’s ($HBAR) market cap appears ready for a rebound toward its all-time high after a decline that brought it down to $10.11 billion. $HBAR’s price action and key indicators support this optimistic outlook.

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

The Hedera Token Displays Strength

On December 3, $HBAR’s market cap was $14.20 billion. This value marked the highest it has reached since its Mainnet in September 2019. Market cap is the product of circulation supply and the price of a cryptocurrency.

Currently, the project has 13.22 billion out of its 50 billion supply in circulation. However, the majority of the market cap hike could be linked to $HBAR’s price increase. Recently, the altcoin’s value surged by 600% within a few weeks

While $HBAR market cap showed potential for recovery, the token’s price has declined from $0.38 to $0.26, indicating a pause in bullish momentum. However, $HBAR has rebounded from its recent low over the past 24 hours, hinting at renewed buying interest. If this recovery sustains, $HBAR’s market cap could be on track to reclaim the $14 billion level.

Hedera Market Cap. Source: Santiment

Furthermore, on-chain data from Santiment reveals a surge in $HBAR’s social dominance, reaching 1.14%. This metric tracks the level of discussions surrounding a cryptocurrency compared to others in the top 100.

A rising dominance typically signals growing attention and interest in an asset, often contributing to bullish sentiment. If $HBAR’s social dominance continues climbing, it could increase the token’s value and support its potential market cap recovery to $14 billion.

Hedera Social Dominance. Source: Santiment

$HBAR Price Prediction: $0.45 Could Be Next

From a technical perspective, BeInCrypto observed the formation of a bull flag on the $HBAR/USD chart. The bull flag is a pattern that resembles a flag on a pole. It forms during a strong upward price trend, where a sharp initial rally (the “flagpole”) is followed by a period of consolidation (the “flag”).

This consolidation typically moves slightly downward or sideways, reflecting a temporary pause in market momentum. When this pattern concludes, it’s often followed by another sharp price increase.

Hedera Daily Analysis. Source: TradingView

For $HBAR, it appears to be ready for another uptick. Should this be the case, then $HBAR’s value could rise to $0.45. However, if selling pressure increases, the altcoin’s value might drop to $0.17.