Lucky Block Price Prediction: LBLOCK Retests 61.8% Fib Retracement

• LBLOCK has had an impressive run over the last 14 days, with gains of over 700 percent.
• LBank appears to have agreed to levy a tax on transfers from DEX to CEX to prevent people from evading the sales tax on Pancakeswap.
• Lucky Block App’s beta launch is expected on March 7th and the official launch is due on March 21th.

Lucky Block (LBLOCK) is primarily a global lottery system for players that makes use of blockchain protocols. It is powered by the Binance Smart Chain blockchain network and aims to bring security, transparency, and fairness while creating a global lottery system in which every player has a better chance of winning.

With blockchain networks expanding into the gambling and lottery sectors, the decentralized application, which generates random numbers, handles payout processes, and cross-game asset exchange. Prior to the lottery’s March 21 launch, the token was recently added to the centralized crypto exchange, Lucky Block.

Why is Lucky Block organizing a rally?

Following its all-time high of $0.0087 on 17 February, the Lucky Block cryptocurrency set a new all-time high of $0.0097 on 18 February. In fact, LBLOCK has had an impressive run over the last 14 days, with gains of over 700 percent.

According to CoinGecko, it has gained more than 135 percent in the last seven days, indicating a bullish run in the token. In fact, it has been on a roll since its debut on PancakeSwap on January 26.

According to the website, the total supply of LBLOCK is 100 billion. The LBLOCK protocol also includes a burning mechanism, which ensures that the LBLOCK token’s value rises.

How is the Lucky Block token performing?

The current Lucky Block price is $0.0077, having recovered over 30% in the last 24 hours. The market capitalization of Lucky Block is $812,141,171. The volume of LBLOCK in 24 hours is $10.71M. It is ranked 2864 in terms of market capitalization. Lucky Block is traded on two exchanges, the most active of which are PancakeSwap V2 ($1.28M) and Lbank ($568,355).

So far, the LBLOCK has done well, trading in line with my Lucky Block price prediction. So, if you’re new to this token, allow me to walk you through it quickly.

Lucky Block is “Discussing Numerous Exchanges.”

Besides LBANK, where LBLOCK debuted a week ago, the project has several centralized exchange listings in the works. A Telegram post on Friday stated that it is in ongoing discussions with “numerous exchanges,” with much of the focus appearing to be on how to implement its 12% sales tax.

LBank appears to have agreed to levy a tax on transfers from DEX to CEX to prevent people from evading the sales tax on Pancakeswap, but this is not currently in effect. However, according to a communication from the Lucky Block team today, LBank will instead impose a 6% tax on both sales and purchases. As a result, it has not implemented a tax on Pancakeswap deposits (transfers) to itself.

The Lucky Block transaction fee – or tax – is critical to the ecosystem, but it appears that each exchange implements it differently or does not implement it at all. A poll is being conducted on the Lucky Block Telegram to solicit community members’ opinions on which exchanges to list based on what they are willing to offer to accommodate the tax.

What Comes Next for LBLOCK?

According to their Telegram post, the App beta launch is expected on March 7th. Whereas App will be officially launched on March 21th, and users will be able to buy lottery tickets. Lastly, the lottery launch date is March 25th.

For the time being, the Lucky Block price is consolidating around $0.0077. Check out the official Lucky Block telegram channel as the Lucky Block market capitalization and other price metrics are updated when an investor purchases Lucky Block.

 

Lucky Block Price Prediction – Why $0.0055 is Crucial for LBLOCK? 

During the early European session, the LBLOCK/USD reversed earlier losses and recovered from $0.0061 to $0.0077. However, the coin made an amazing recovery to trade at the $0.0078 level. On the hourly timeframe, Lblock has completed 61.8% Fibonacci retracement at $0.0061.

The LBLOCK/USDT has formed a candlestick pattern “Hammer”, supporting weakness in selling bias. Therefore, further bullish recovery can be seen in LBLOCK/USDT. The resistance continues to stay at 23.6% Fibonacci retracement level at $0.0083. A surge in demand can trigger a breakout until $0.010. A break above the $0.010 level can expose the coin price towards $0.0115.

On the bearish side, LBLOCK’s immediate support remains at $0.0058 and $0.0050. Leading technical indicators, such as the RSI and MACD, support an uptrend. This is also an indication of a possible bullish reversal. Thus, consider buying positions above $0.0075 with a target price of $0.0085 or $0.0096.

Speaking about the Lucky Block weekly price prediction, it seems bullish, and it may lead the LBLOCK price higher towards $0.010, with a breakout providing additional buying room until $0.012. Furthermore, a surge in demand could propel the LBLOCK price to the next target level of $0.0135.

That’s all I’ve got for now. Best wishes!