LBLOCK registered a fall in its floor price over the weekend, plummeting to $0.0008092 on Sunday. The Lucky Block gaming token has been showing a double bottom pattern, recovering to peak at about $0.001047 on Tuesday.
Experts believe the token is in for bullish growth in the short term, given it has broken out of the downtrend despite the unprecedented market-wide sell-off.
Stock markets and crypto markets both plunged in the wake of increasing inflation and tightening government monetary policies. The crypto dip got triggered after Bitcoin lending platform Celsius suspended all withdrawals citing “extreme climate conditions”.
As a result, investors have been fleeing from the crypto industry, and all major tokens including Bitcoin and Ethereum have been extraordinarily volatile in recent weeks.
How is Lucky Block Doing in 2022?
Lucky Block made a big splash in early 2022, thanks to a lot of anticipation from the mainstream media and social media. For investors, the platform’s unique use case and tremendous growth potential have combined to make Lucky Block one of the most talked-about cryptos this year.
Lucky Block is a Binance Smart Chain (BSC)-based crypto-gaming platform that promises to eliminate many of the drawbacks of traditional drawing systems. Their team hopes to increase fairness and transparency for all stakeholders by reforming the lottery ecosystem on the pillars of blockchain.
The BNB Chain-powered decentralized gaming platform recently announced that it had completed the first-ever daily drawings for its $1 million regular prize and $1 million NFT jackpot.
Winners were announced on May 31, as scheduled, and the payment was made shortly after, as evidenced by BNB Chain blockchain activity. The total prize pool was 1.53 million LBLOCK tokens or little more than $2,000 for each winner.
The daily jackpot draws began on June 6 and is held at 20:00 BST every day. Winners will get a minimum of $10,000 in LBLOCK tokens, with the potential for more according to on ticket sales.
With such major developments and impressive responses from the community, it seems like LBLOCK is set to rise significantly in 2022. Experts believe that if Lucky Block can recover from the present market downturn, it could return to its highs of $0.003900 by the end of the year.
Lucky Block Double Bottom Price Trends
In January 2022, LBLOCK was listed on PancakeSwap, and in its first few weeks of trading, it generated quadruple-digit returns.
On February 17th, 2022, LBLOCK hit an all-time high of $0.009617, giving the token a fully diluted market cap of approximately $750 million. However, this high point was short-lived, as LBLOCK began to decline over the next few weeks.
LBLOCK has been consolidating around the $0.0018 level since early April, with lows followed by highs.
This suggests that there is substantial purchasing pressure in this sector, which could lead to a resurgence. Despite the fact that Lucky Block currency has had a difficult few months, the token may be poised for a turnaround with the recent double bottom trend.
In recent days, LBLOCK has exhibited the double bottom pattern towards the end of its downtrend, plummeting to the $0.0008 level this Sunday but growing ever since.
As the price action swung lower and lower last week, printing lower highs and lower lows, experts anticipated the price will bounce higher before reverting lower to retest the prior low.
Now that LBLOCK has broken above the neckline, it is exhibiting a bullish reversal pattern in which it is currently developing a trend of higher lows and higher highs.
Is this the Right Time to Buy Lucky Block?
The crypto newcomer has already made a favourable impression on the investor and gamer communities in a short span of time, besides registering a double bottom pattern of bullish growth despite the market-wide dip.
At the same time, Lucky Block is showing no signs of slowing down in terms of platform development. The team is aiming for listings on controlled exchanges (CEXs) like Crypto.com and FTX. This is where LBLOCK V2 comes in, as it is an ERC-20 token that can help with the sales tax that Lucky Block uses.
Aside from LBLOCK V2, the project’s roadmap includes plans for special Lucky Block goods, fundraising events, bitcoin education platforms, and a development fund to finance future advancements.
These elements of the roadmap will contribute to LBLOCK’s long-term viability, giving investors more reasons to retain the token.
Your capital is at risk.
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