After dropping to $10.11 billion, Hedera’s digital currency (HBAR) seems poised for a return to its all-time high. The price performance and key indicators of this cryptocurrency indicate support for an upward trend, increasing the likelihood of recovering some recent losses. On December 3, Hedera’s market value reached $14.20 billion, the highest level since its mainnet launch in September 2019. This increase is mainly due to the token’s price growth, which has seen a 600% increase over a few weeks. Currently, out of the total supply of 50 billion HBAR, 13.22 billion is in circulation. However, the token’s price dropped from $0.38 to $0.26, indicating a pause in its upward trend. Yet, in the past 24 hours, Hedera has shown signs of a return in buying demand from recent lows. If this trend continues, Hedera’s market value could reach $14 billion again. Data provided by Santiment shows that Hedera’s social dominance index has reached 1.14%. This index measures the level of discussions about a digital currency compared to other top cryptocurrencies. An increase in social dominance usually indicates more attention and interest in an asset, which can help strengthen bullish sentiments. From a technical perspective, analysts have identified the formation of a Bull Flag pattern on the HBAR/USD chart. This pattern, which forms in a strong upward trend, consists of a sharp price spike (flagpole) and a period of price consolidation (flag). Following this pattern, another price increase usually occurs. Accordingly, it is predicted that Hedera is ready for a new bullish move, and its price may reach $0.45. However, in case of increased selling pressure, the possibility of a price drop to $0.17 also exists.
