Cryptocurrency lottery project Lucky Block (LBLOCK) has announced that it plans on upgrading its network to make its sale tax system adaptable with centralized exchanges and mentioned that it would rollout NFTs too.
That said, LBLOCK token holders have gotten a taste of what is to come after getting a glimpse at some of the 10,000-piece Platinum Rollers Club Collection.
The project noted that every NFT piece could have a unique number, which would be its lottery ticket number for a proposed daily NFT lottery, apart from the main lottery.
The Lucky Block token reacted positively to the news and has jumped above the $0.0060 area after yesterday’s slump amid the ongoing Russia-Ukraine rift. The news also came amid anticipation of more exchange listings by the LBLOCK community.
Currently, the project has a transaction fee of 12% on token sales or deposits in centralized exchanges to encourage HODLing. However, LBLOCK continues to face difficulty reaching a satisfactory arrangement with crypto exchanges for its implementation.
For instance, LBank, the first centralized exchange to add LBLOCK to its offer basket, recently applied a 6% transaction fee, only 50% of the required 12% tax on deposits.
While not many details on the upgrade have been released, sources familiar with the project note that it would be an automated process.
Key Lucky Block Levels to Watch — February 25
LBLOCK has traded within a descending channel for the last week, following its sighting of a new record high at $0.0098 last Thursday. Notably, this channel has controlled the bearish descent since it began, steadily directing the price till the slump to the $0.0035 low yesterday.
As mentioned earlier, yesterday’s crash came amid the risk flight by investors amid the military infiltration of Ukraine by Russia. However, in a sudden turn of events, market uncertainty appeared to dry up as investors flooded into risky assets again.
At press time, LBLOCK trades in price discovery mode and approaches the $0.0065 top, after snapping the channel top in the early trading hours today. That said, I expect a bullish continuation over the coming hours and days to the $0.0070 resistance, where my hourly 200 SMA barrier resides.
Meanwhile, my resistance levels are at $0.0065, $0.0070, and $0.0075, and my support levels are at $0.0060, $0.0055, and $0.0050.
Total Market Capitalization: $1.76 trillion
Lucky Block Market Capitalization: $631.8 million
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