Actually in order to make profit in altcoin trading, you have to swim against the current trend - buy when everyone is selling and sell when everyone is buying.
Maybe trading against trend means entering at the end of the trend but in opposite call.
If it so, the challenge of finding out the over-bought zone or over-sold zone will remain same. So, typically there will not be any significant advantage by this method in my view too as we still need same strong technical analysis.
A newbie trading against the current trend should have studied (and recorded) the 24hr high and 24hr low prices of his coin for
at least three days.
For day traders, it will give you an idea of the expected price range, and you will be able to roughly predict what the next price will be - especially if you dealing with an old coin. New coins are nerve-wrecking roller-coaster rides, I've learnt to keep off from them.
From your short study, you can buy low and sell 'high' within that price range.