Lucky Block Price Consolidating As Token Burn Approaches
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On September 30th, Lucky Block launched a monthly burn program in order to reduce the total supply and help to bolster strong upward price action for the LBLOCK token. Now, with the second monthly LBLOCK burn nearing, LBLOCK is consolidating at a key level and preparing to explode.
What is Lucky Block
Lucky Block (LBLOCK) is an NFT-based competition platform that allows people to enter exciting competitions with a wide range of prizes, including $1 million in Bitcoin. As the platform uses blockchain technology, every competition is 100% verifiable and provably fair, drastically increasing the transparency within the prize draw sector.
As Lucky Block utilizes an NFT-based entry ticket system, it can host a wide range of giveaways simultaneously. Furthermore, these entry ticket-style NFTs are priced in accordance with the potential jackpot of competition, meaning that there is something for everyone, regardless of budget.
In addition to providing its holder with access to a specific Lucky Block competition, each NFT also entitles the holder to receive a portion of the rewards pool once per day. This ensures that each Lucky Block NFT maintains value outside of just the competition.
The Lucky Block Burn Program
The Lucky Block burn program launched on September 30th and will continue to continue to take place every month. Within the first year alone this will lead to an 11.5% reduction in the total supply of LBLOCK, likely doing wonders for the price of LBLOCK.
Right now, LBLOCK is consolidating within the $0.000191 region. With LBLOCK trading within this region for around 7 days, it seems likely that an upward move is imminent and the monthly token burn could be that catalyst needed to send LBLOCK soaring.
An upward move from $0.000191 would lead the price of LBLOCK toward a key resistance level of $0.0002268, around a 20% move from today’s prices. Following this, $0.0003271 is the next key area of resistance for the token.
With LBLOCK seemingly preparing for a sharp move toward the upside, it could be the perfect time to check out Lucky Block and stock up on LBLOCK tokens before the burn program sends the value of LBLOCK soaring.
