The Rise of Telegram Trading Bots

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UNIBOT Soars to All-Time High – Are Telegram Trading Bots the New Hype?
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The UNIBOT price increased sharply on July 18, when it was first listed on the market. It is currently attempting to break out from the $85 resistance area.

On July 19, CoinGecko added a new category that consists of Telegram Bot tokens.

Telegram bots designed for decentralized applications are automated software allowing users to execute on-chain trading or farming tactics directly within the messaging app. Users can connect their wallets to these bots or generate new Ethereum wallets within the interface.

At the time of writing, the top three coins in this category are Unibot (UNIBOT), LootBot (LOOT), and Collab.Land (COLLAB). Unibot is a particular example that facilitates automated trading on the Uniswap decentralized exchange (DEX).

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It offers various features like snipping, enabling instantaneous token purchases right after listing, and revenue sharing, streamlining the trading process.

All three of these coins have increased considerably over the past seven days. However, it is worth mentioning they all have a minuscule market capitalization. UNIBOT has a market capitalization of $84 million, ranking inside the top 300. But LOOT and COLLAB are outside the top 100, with a market capitalization of less than $7 million.

Will UNIBOT Price Reach Yet Another New All-Time High?

The UNIBOT price increased by nearly 1300% on the day of its listing. This led to the current all-time high price of $90. The price fell afterward and is still trading below the $85 resistance area. However, the price has made numerous attempts at breaking out and could soon be successful in doing so.

Additionally, UNIBOT is following an ascending support line. Combined with the $85 area, this creates an ascending triangle, considered a bullish pattern.

A breakout that travels the entire pattern’s height will take the price to $160. This is also the 2.61 external Fib retracement of the previous drop, making it a likely area to act as the top.

UNIBOT/USDT 30-Minute Chart. Source: TradingView

However, if the UNIBOT price closes below the ascending support line, a decrease to the next closest support at $60 will be likely.

For BeInCrypto’s latest crypto market analysis, click here

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.



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