I do not think it will be effective in trading cryptocurrency, you better find good info about the coin. I suggest following all altcoins that have good potential in the future such as ANN, Twitter, etc. From my experience, probably altcoin will increase volume when the coin has good news
Volume is very effective for shorter term and technical trading. I agree with the factors you mention, but those are fundamental factors. I'm referring more to transient factors that affect the price of the coin.