of course that can be the case...it can go in either directions....a lot of people will take low liqidity drop as a sign of reversal but I think that will depend a lot of funementalas, short interest, trend, support and resistance levels and for every stock that is different...
different business structure
different outstanding shares
different institutinal holdings
different insider holding
bottom line you cant compare any stock to each other, it makes no sense...
When investing always start with an assumption that the stock market is dead wrong.