Yes...but I'd listen to what Mike had to say. The coin has been in a downtrend and theoretically that's the main thing that needs to be known (assuming there is enough volume, and in most coins there may not be).
It would be an interesting exercise to look at a coin (maybe this one) and see what would happen if one just traded the trend (perhaps wit some other secondary indicators). It's so incredibly tempting when a coin has been so high to think it's "cheap" if it's halved in value, but it's more about the trend and supply and demand.
Maybe we could start a thread here and pick a coin and apply a methodology and just mechanically trade it. Just as an experiment.

The main problem being that these coins trade 24 hours and can be thin, but it's a interesting game to play, if anyone is interested?