Islamic Currency (ISLM) Faces Bearish Trend As Profit-Taking Continues
Islamic currency (ISLM), the native currency of the HAQQ blockchain, has experienced significant growth in value over the past month, with prices up 25% to $0.05. However, recent trends have shown a downward trajectory as token holders begin to take profits.
Islamic Coin Forms Ascending Channel
Despite the recent decline, ISLM has formed an ascending channel, indicating a bullish trend in the market. The upper and lower lines of this channel act as resistance and support levels, respectively. ISLM encountered resistance at $0.06 and found support at $0.05 within this channel.
As selling pressure intensifies, ISLM is on the verge of breaking below the support level, signaling a shift in market sentiment. The Chaikin Fund Flow (CMF) indicator is trending downward, indicating a decrease in liquidity inflows.
The decline in CMF suggests a bearish outlook as buying pressure wanes. Additionally, the Moving Average Convergence/Divergence (MACD) indicator shows that bears have regained control of the market, with the MACD line crossing below the signal line.
ISLM Price Forecast: Bulls Must Defend Support Level
If the current downward trend continues, ISLM is likely to breach the lower boundary of the ascending channel, indicating a weakening uptrend and potential further price declines. A failure to hold the support level could see ISLM plummet to $0.034.
On the other hand, a reversal in the current trend with increased buying pressure could propel ISLM’s price to $0.11, signaling a potential bullish rally in the market.
