Why technically analysis is important in trading

This has been what I have been looking out for over the past few weeks hoping for a little bounce coz I could cut my loss from this trade but just as I wait the price of the asset keeps dropping forming a lower low virtually almost every time frame. My little 30$ I was supposed to play with In the market has virtually gone down to about 15$ which is 50% loss.

The funny part is I don't even know the fundamentals of the token I just openned a long position after zooming out some weeks ago and saw it's been dumping over the past 12 month and I thought it's about time for the coin to have a relief bounce, lo and behold it still keeps dropping on a regular bases forming new lows on a daily bases, also I opened a Hedge short, which I entered into late at a lower price just do push my liquidation price down.. Just hoping for a relive bounce so I can minimize my loss leave the market with my heads high.