We can always make use of technical analysis in the market but we should know the boundaries where it is applicable.
Many of the meme projects we have in the market, using technical analysis for them might not give us a good outcome because there price is normally pumped and dumped and if we don't try as much to work on that, we might end up losing big in the market and that might make us to keep thinking whether the strategy we are using is not working for us.
Exactly.
Using TAs with the meme coins is just like you're punching on the air. You don't know how long they're going to stay but I think it make sense for some meme coins like Dogecoin that has been there for so long.
But for the majority of the meme coins, it doesn't really make sense to use one for them unless you're a good trader and it helps out the trades you get on with them.
meme coin price literally depends on the mood of the community behind it, no wonder TA is not working at all.
TA only effective where I guess other people are also using the same technique like maybe in bitcoin where most of people are just doing the same thing its different in the market full of speculation and manipulation like meme coin in general it won't be that effective because as we know, the market is heavily manipulated.
though usually when going in such market i would just simply disregard the technical analysis and just instead depends on the news of the coin itself, it proven to be a good way to determine the future of such coin but still there are times where the coin suddenly increase or decrease in price surely thats a sign that the market itself is so speculative that nothing could determine the outcome of the market itself.