Malaysia's Regent Introduces RMJDT Ringgit Stablecoin on Zetrix Blockchain
Launch of RMJDT Stablecoin: Malaysia's Regent of Johor, Tunku Ismail Ibni Sultan Ibrahim, introduced a ringgit-backed stablecoin, RMJDT, aimed at enhancing cross-border payments in the Asia-Pacific region, utilizing the Zetrix blockchain.
Regulatory Framework: The stablecoin operates under Malaysia's regulated sandbox framework, overseen by the Securities Commission and Bank Negara Malaysia, which began in June to explore digital asset applications.
Digital Asset Treasury Company: Bullish Aim plans to establish a Digital Asset Treasury Company with an initial investment of 500 million ringgit ($121 million) in Zetrix tokens, with future expansion to 1 billion ringgit ($243 million).
Impact on the Ringgit: The RMJDT stablecoin seeks to bolster the international use of the ringgit in trade settlements and attract foreign investment, amidst a growing trend of stablecoin adoption in the Asia-Pacific region.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for STABLE
Technical Sentiment Analysis for (STABLE). As of , (STABLE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 3 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for STABLE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, STABLE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
(STABLE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0189 | 0.0221 | 0.0251 | 0.0284 | 0.0314 | 0.0346 | 0.0377 |
| Fibonacci | 0.0221 | 0.0245 | 0.026 | 0.0284 | 0.0308 | 0.0322 | 0.0346 |
About the author
