Venezuela Turns to USDT Amidst Currency Decline
- Surge in USDT Demand: As Venezuela's bolivar depreciates, citizens increasingly turn to USDT, particularly on the Binance P2P marketplace, where its price has risen from 690 bolivars to over 800, indicating a strong demand for stable assets.
- Impact of Central Bank Policies: The Venezuelan Central Bank's insufficient dollar supply has intensified market competition, with financial institutions unable to meet public demand for dollars, making USDT a more attractive asset choice and further driving its usage in the market.
- Banking Restrictions Heighten Pressure: Recently implemented banking restrictions limit personal dollar purchases to $1,000 per month, with an annual cap of $12,000, which may inadvertently push users towards P2P markets, increasing reliance on USDT.
- Significant Inflation Trend: Data from the Venezuelan Central Bank shows a 23% surge in bolivar supply to 2.17 trillion bolivars in early June, reflecting escalating economic challenges and prompting citizens to seek more stable currency alternatives.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK). As of , Lorenzo Protocol (BANK) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BANK 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, BANK 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 $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0159 | 0.0234 | 0.0301 | 0.0376 | 0.0443 | 0.0518 | 0.0585 |
| Fibonacci | 0.0234 | 0.0288 | 0.0321 | 0.0376 | 0.043 | 0.0463 | 0.0518 |
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