Lucky Block LBLOCK Price Starts Consolidating At Support – Preparing For a 20% Surge?
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Lucky Block (LBLOCK) has been consolidating at key support following the release of the Lucky Block V1 to V2 bridge and the launch of the monthly 1% burn program. Could LBLOCK be repeating a huge 20% surge in the price? We reveal where the price of LBLOCK could head over the coming days.
What is Lucky Block?
Lucky Block is a competition platform that utilizes NFT technology in order to make each drawing and entry ticket unique and verifiable. The Lucky Block platform hosts a wide range of different prize draws with prizes ranging from a Bored Ape Yacht Club NFT to $1 million in Bitcoin.
While the NFT-based entry tickets grant access to each prize draw, that’s not all. Even after the conclusion of the competitions, an NFT is linked to, its holder can still earn rewards from a portion of the rewards pool each day. This means that each NFT is worth holding onto for the long term.
Lucky Block Price
It’s been an interesting couple of weeks for the price of LBLOCK. The September 30th launch of the Lucky Block burn program which eliminates 1% of the total LBLOCK supply monthly caused quite a stir, leading to increased volume in the days running up to the start of the burn.
However, the launch of the Lucky Block bridge is what really caused excitement among investors. It allowed investors to swap their V1 LBLOCK tokens for the new V2 LBLOCK which has eliminated the tax on transactions and transited to the ERC-20 standard in order to facilitate listings on centralized exchanges like Gate.io, MEXC, and LBANK.
Just prior to the launch of the Lucky Block bridge, the price of LBLOCK surged by a huge 55% within a matter of hours. While the price dropped back down after the release of the bridge as a result of selling pressure from investors of the V1 token.
Now it seems as though LBLOCK is consolidating around the $0.000290 region. If the token gains some positive momentum alongside the wider crypto market we could see an impressive move from LBLOCK. If the token can breakout past $0.000290, the path towards $0.000352 is mostly clear. Such a move would lead to roughly a 20% gain, meaning it could be a good idea to stock up on LBLOCK.
Lucky Block is at an interesting place right now. While the token remains strong, its value has been pushed down by early investors selling off a portion of their tokens following the bridge. This has led to LBLOCK becoming rather undervalued, providing a great opportunity for traders or investors to take advantage of.
