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Source: Trading View

Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.

Lucky Block (LBLOCK) is up 0.5% in the past 24 hours, after moderators on its Discord channel revealed that competitions and rewards platform NFT is set to make a big announcement next week. Despite the surge, the altcoin remains down 8% in seven days and 28% in a month, with ongoing market-wide negativity undermining any momentum the expected news might generate.

Since going live earlier this year, lucky block has expanded its cryptocurrency gaming platform to include a variety of new competitions, including NFT-based sweepstakes that offer users the chance to win prizes such as a five-star vacation, a Lamborghini, 1 million dollars in BTC and luxury houses. And with another major announcement next week, speculation is mounting that a new product or feature will likely be added to Lucky Block’s platform.

This Crypto Competitions Platform Has A Major Announcement Coming Next Week – What Could It Be?

At the time of writing, the current price of LBLOCK is $0.00014600, which puts it up 10% from lows of around $0.0001316 recorded earlier this week.

LBLOCK indicators present a mixed picture. Its Relative Strength Index (purple) is hovering just below 50, signaling declining momentum, without the coin being oversold. Meanwhile, its 30-day moving average (red) is more or less level with its 200-day moving average (blue), meaning LBLOCK price could go either way from a technical standpoint. .

However, Lucky Block’s Discord admin hinted that big news is brewing, while a team member familiar with the matter said Cryptonews.com that a new product launch is coming, and could be here as early as next week.

As for what a new product may be, observers can only speculate at this point. To look at his white paperLucky Block’s roadmap has outlined plans to integrate online games and open a development fund to fund the development of new game projects, so it’s possible new games will be added to its platform.

Regardless of what exactly is in store, there’s a good chance LBLOCK will see a rally in the days and weeks ahead, depending on how big the announcement is. This may help it overcome the negative forces that have dragged much of the cryptocurrency market down over the past few weeks, with the FTX Collapse used to lower prices in all areas.

Lucky Block Fundamentals

Despite recent losses, it’s worth pointing out that Lucky Block remains a fundamentally solid platform. More recently, he announced token burns for LBLOCK, with a burn on Nov. 1 destroying 1% of his overall circulating supply.

Since launching in January, Lucky Block has amassed around 60,000 holders of its LBLOCK token, and also has a combined social network of just over 108,000, indicating the breadth of its community.

And since launching his NFT Platinum Rollers Club and various NFT competitions, he has sold thousands of non-fungible tokens, worth over $2 million.

Along with giving away a variety of prizes, Lucky Block also allows users to earn passive rewards simply by purchasing and holding a Lucky Block NFT. This too offers LBLOCK holders rewards for voting for charities (to receive donations from Lucky Block) on the Lucky Block app, which means that its tokens and NFTs have more than just resale value.

The new products to be announced next week will make its ecosystem even richer and more attractive to investors. And while LBLOCK will (like most other coins) need a more bullish global market and economy to post any truly big gains, its steady growth offers the potential for returns even in a downturn.

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