The Ethiq Launch and What It Sparked
Islamic Coin (ISLM) caught traders’ attention recently when its ecosystem launched Ethiq—a new Layer-2 network built on Optimism technology that’s meant to be the ecosystem’s main liquidity hub. The announcement sent ISLM’s price rocketing up 470% in just 24 hours, with trading volume hitting US$4.8 million, the highest it’s been since early 2024.
That kind of surge is exciting, but let’s be real—it was driven mostly by speculation and hype around the upgrade rather than organic demand or actual use. After the dust settled, the token found support around US$0.030, while resistance showed up between US$0.055 and the higher levels where it peaked during the rally.
Beyond the price action, there’s some genuine development happening underneath. HAQQ Network partnered with Stride Zone to enable liquid staking, meaning you can stake your ISLM and still keep it tradable through stISLM. They’re also working on migrating to an IBC-native version of the token to make transfers between Layer-1 and Layer-2 smoother. Interestingly, during recent religious holidays, trading volume spiked even though prices stayed relatively stable—a sign that people might be accumulating rather than just flipping for quick profits. That suggests ISLM is building a base of believers, not just speculators.
What the Charts Are Telling Us
Right now, ISLM is trading around US$0.02633, and the technical picture is pretty mixed. If you look at the moving averages, the short-term ones—5-day, 10-day, 20-day—are all sitting above the current price, which usually means downward pressure. The longer-term averages like the 50-day and 200-day are hovering near US$0.026, so they could provide some support if the price dips further.
The momentum indicators aren’t giving a clear signal either way. The RSI is around 50-60, which is neutral territory—not oversold, not overbought. The MACD shows a slight bullish tilt, but it’s weak and the histogram is flattening out, which can be a warning sign. The ADX shows there’s a strong trend in play, but other oscillators like Williams %R and CCI are leaning neutral to slightly bearish. Support is sitting between US$0.0269 and US$0.0271, with resistance around US$0.0272 and then again near US$0.030.
The Key Levels to Watch
If ISLM can’t reclaim that US$0.030 level soon, there’s a real risk it could slide back toward US$0.025 or even lower. With profit-takers cashing out and momentum cooling off, volatility could pick up on the downside. On the flip side, if it does break cleanly above US$0.030 with volume behind it, sentiment could shift and the next target would be US$0.055. Push past that, and you’re looking at potential runs toward US$0.086 or even US$0.13 if bulls really take control.
Two Ways This Could Play Out
Given where ISLM sits right now at roughly US$0.02633, here’s how things could unfold:
The bullish case: If ISLM holds support between US$0.026 and US$0.027, builds volume, and breaks back above US$0.030, we could see a move toward US$0.055 over the next few weeks. If momentum really catches fire, there’s room to test US$0.086 or even push toward US$0.13. This scenario depends on continued development updates, growing adoption, and broader market conditions staying favorable.
The bearish case: If ISLM can’t break through US$0.030 and support at US$0.026 fails, it could drop back to US$0.025 or lower—potentially hitting US$0.020 to US$0.022 if the broader crypto market turns south or if investors lose interest. The short-term moving averages are working against it, and the momentum indicators aren’t showing much conviction, which makes this downside risk real.
The bottom line? ISLM has some exciting things going for it with Ethiq, liquid staking, and a dedicated community in faith-based markets. But technically speaking, it’s on shaky ground right now. If you’re thinking about getting in, keep a close eye on volume, watch how it behaves around US$0.030, and don’t ignore what the momentum indicators are saying. This isn’t a coin to buy and forget—it needs active monitoring.
