Even though it seems that could be the case, the charts are displaying characteristics of a bull market and showing accumulation rather than distribution. Someone (or more than one) has been selling PHAR in the $0.0009 to $0.0010 range but, the bulls actually seem to be more aggressive and only buying volume seems to be keeping this stock from rallying here. This is a case where sellers could be caught short on any interesting news and the price could go straight up for a while because of it. Of course if not enough buyers show up, the price will continue to go in the path of least resistance which according to the trend is down.
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