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Venezuela's Maduro not in danger yet: Pro

One year on from the death of Venezuelan President Hugo Chavez and the country has been plagued by protests against his anointed successor, Nicolas Maduro. But despite the unrest, the new president's administration is not yet at risk, an analyst has told CNBC.

A military parade and other commemorative events are due to be held Wednesday in memory of Chavez, who died last year from cancer after leading the country since 1999 as a hugely popular - if polarizing - Socialist leader.

(Read more: Venezuela after Chavez: An economy on the verge)

His successor, Maduro, has faced continued protests from anti-government demonstrators over recent months, that have led to violent clashes and 18 deaths so far, according to Reuters.

"The key thing to watch here is that the protests are still not strong enough to destabilize the government," Diego Moya-Ocampos, an analyst for the Americas at IHS told CNBC on Wednesday.

He stressed that there was currently a standstill between the government and protestors, but added: "That's not to say that there's no risk that this eventually could take place."

(Read more: Watch out: This president may be deposed next)

"If these protests continue and spread from urban and residential areas towards the shanty towns, and the debt tally starts increasing, then we could start seeing some divisions within the ruling party - and indeed within the armed forces, which could lead to some sort of military intervention, which could indeed destabilize the government," Moya-Ocampos said.

Venezuelan protestors are angry at deteriorating services, heightened crime and soaring prices. Consumer prices in the country accelerated in January from the previous month by 3.3 percent, with annual inflation at 56.3 percent.

While Maduro will use the anniversary of Chavez's death to mobilize his supporters, Moya-Ocampos said there was still a political vacuum following his death.

(Read more: US oil boom may cushion any Venezuelan supply shock)

Maduro did not have "the same charisma, the same legitimacy, the same influence that President Chavez had. And as economic and social problems continue piling in Venezuela... we're seeing Maduro increasingly being troubled," he said.

The socialist policies of Chavez were beginning to show cracks and were clearly not sustainable, Moya-Ocampos added, in a similar situation to Argentina.

"What we're starting to see is a very volatile situation, a very polarized society and indeed that the social inclusion policies these governments have been trying to implement are not sustainable and clearly are starting to be reflected by social discontent on the streets," he said.

—By CNBC's Kiran Moodley. Follow him on Twitter @kirancmoodley