yes, many times they do that..look at the last 30 day chart..
they let it go from $2 to 3.5 area on air...
they get longs buying high, then sell into them as they average down...that's why i say who knows how they play this..they could let this bounce to .3 and sell back down 90% or could just do small intraday bounces like they have and then keep downticking till they find more volume willing to buy...
selfishly i hope it just goes red daily for several more days with higher volume building till the real capitulation and bounce..but usually it's not that easy : )