Possible Target
Edited . . .
If the 50% FIB scale is set at 0.80, from the 1.20 high, then a bottom target could be around 0.40. Buying in that range might produce a dead-cat-bounce back up to the 32% FIB level, which could then be around 0.65.
That's what some heavy sellers above 0.80 may be waiting for. It may take some time and some patience. The company has had plenty of dilution, plenty of warrants, and plenty of convertible notes. These are from collaborations that have not been well negotiated.
Some entities could have actually gone short as well, to hedge or double-back on some of those poor agreements. The probability of profits are very slim, if at all. And revenue recovery may still take a few more years down the road.
In addition, the market seems overbought right now. The recent bump in the overall market, which did not seem to help this company, appears to be setting-up for a reversal. This could apply additional downward pressure as well.
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