most altcoins should instead be traded using fundamental analysis.
In my experiences, almost all alcoins are good only for short term trading which means just technical part is more than enough for me to gain some 10% to 15% profits in maximum one week of time.
I am not denying that altcoins for the most part should be used only as a way to try to raise your capital for the short term, however as I said most of the time you cannot really use technical analysis on those coins, as technical analysis is not really suited to deal with a market with low volume and that can be manipulated that easily.
This means that if you want to invest in a coin then you need to look at other factors like the developers, its use case, the road map, how saturated is the market for a projects like that and many other factors, and then once you decide a coin is worth it then you could try to obtain profits with it during the short term.