COLOMBIA AND THE INCREASE OF THE MINIMUM WAGE
#cop $USDT
Colombia is preparing for a controversial year change following the president's declaration regarding the increase in the minimum wage, which, along with transportation assistance, reached 2 million pesos, or Cops, as it is known in the market for the local currency.
This news has stirred the entire country, dividing opinions on this topic. This measure should directly impact the USDTCOP chart and show an effect on the indicators. We see how the RSI floor on the weekly chart supported and rebounded with the news or in parallel to it, showing coincidences in both technical and political or news aspects. Likewise, the electoral season is approaching, and it is possible that the price will seek residential zones above 3900. Currently, the price remains under bearish pressure, being below the moving averages of 25 and 50 on the weekly, making it likely that the price will attempt to challenge them. In that zone, either a rejection should occur and return below, breaking the averages to consolidate there and then make a decision. For the moment, from a technical standpoint, this touch of moving averages can be expected.