Yes, it works but not everytime. And as liquidity is very low, volatility is very high. There is also big manipulations with pump and dump groups and fake news to hype a coin.
Right now, TA is not good because of the market manipulation but I also believe it still works but still depend on your strategy and of course the market situation.
In cryptworld, is seems that news is very much important compare to the chart analysis. Newbies only depend on the hype, and dont even know how to understand the price movements and the result is very bad for them. IMO, If you are serious in trading learning TA is very important so better not to skip the process.
In any case, the information space affects the cryptocurrency market, as well as all users of cryptocurrency. If deception only affected newbies, today we would have different results.