Lucky Block Price Prediction: Why $0.0043 is Crucial for LBLOCK?
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- Global cryptocurrency market capitalization fell 0.65% to $1.92 trillion.
- China is getting ready to endorse trials of the central bank’s digital currency, the digital Yuan, in a number of cities and regions.
- LBLOCK/USD tested the major resistance level of $0.0066 before reversing to the downside.
Lucky Block (LBLOCK) is treading with trading with a slight bearish bias at 0.0049 level, having completed the 50% Fibonacci retracement at $0.0050 level. On the lower side, LBLOCK is likely to gain support at the next support level of $0.0043 which is extended by 61.8% Fibonacci retracement. Looks like the market is exhibiting a bearish correction ahead of the lottery’s launch on March 21.
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Cryptocurrency Prices Today
Over the last 24 hours, the global cryptocurrency market capitalization fell 0.65% to $1.92 trillion. Its trading volumes fell 9.97% to $94.83 billion. The total volume in the decentralized finance (DeFi) space over the last 24 hours was $17.29 billion, accounting for approximately 18.23 percent of the 24-hour cryptocurrency trading volume. The total volume in stablecoins was $79.08 billion, accounting for approximately 83.39 percent of the 24-hour cryptocurrency trading volume. Bitcoin’s market dominance tumbled 0.06 percent to 43.24 percent on March 3, 2022, with the currency trading at $43,691.16.
Bitcoin and other major cryptocurrencies fell in value on Friday as investors’ appetite waned following Russia’s escalation of its attack on Ukraine. Bitcoin was trading at slightly more than $41,400, down 4.72 percent. Ethereum, the second-largest cryptocurrency by market capitalization, was down 6.18 percent at $2,730. The XRP was down 3.65%, Solana was down 7%, Avalanche was down 5%, Cardano was down 5%, Polkadot was down 4%, and Stellar was down 5% among other cryptocurrencies.
Popular virtual currencies such as Dogecoin were down 5%, Polygon was down 4%, and Shiba Inu was down 4%.
China Will Conduct a Digital Yuan Test
Meanwhile, China is getting ready to endorse trials of the central bank’s digital currency, the digital Yuan, in a number of cities and regions. Russia’s economic sanctions have focused attention on the potential role of digital assets and cryptocurrencies.
Fed Chair Powell Urges Congress to Act on Crypto in the Context of Ukraine-Russia Conflict
During a hearing before the House Financial Services Committee today, Federal Reserve Chairman Jerome Powell reiterated his belief that cryptocurrency regulations are becoming increasingly necessary. Recent events in Ukraine, he said, “underlined the need for Congressional action on digital finance, including cryptocurrencies.”
“We have this burgeoning industry with many parts to it, and there isn’t the kind of regulatory framework that needs to be in place,” he said in response to questions about how Russia may be using cryptocurrency to avoid sanctions.
While Russia is currently in the spotlight, this isn’t the first time the Fed chair has addressed the issue of cryptocurrency regulations. Powell told Congress last July that stablecoins, cryptocurrency tokens pegged to fiat currencies like the dollar, should be regulated “incomparable ways” to bank deposits and money market mutual funds.
Lucky Block Price Prediction – Why $0.0043 is Crucial for LBLOCK?
So far, the LBLOCK has performed admirably, trading in line with my Lucky Block price prediction. During the early European session, the LBLOCK/USD tested the major resistance level of $0.0066 before reversing to the downside. Because the Lucky Block has yet to cross the $0.0068 level, the LBLOCK price may find immediate support at the $0.0040 level.
If the price falls below $0.0032, it may continue to fall until it reaches $0.0020 or $0.0006. However, the upward trendline may provide support for the LBLOCK price near $0.0032. The closing of candles above this level has the potential to propel LBLOCK into an uptrend. The LBLOCK/USD has formed a symmetrical triangle pattern on the 4-hour chart, which is keeping LBLOCK trading choppy.
The immediate resistance level for LBLOCK remains at 0.0068, and a surge in demand could trigger a breakout. The price of LBLOCK may rise to the next resistance level of $0.0080 or $0.0096. A break above $0.096 could push the coin price up to $0.0115. On the downside, LBLOCK’s immediate support levels remain $0.0050 and $0.0035. Leading technical indicators, such as the RSI and MACD, help to justify indecision. As a result, the violation of a symmetrical triangle may influence future trends in LBLOCK.
That’s all I have for now. Best regards!
