That depends on how many shares were bought way down below, you know, all the people who got it to this current price.
If they decide to sell off large chunks, they'll drag the price down.
Charts can only do so much, this isn't the Nasdaq where people have small amounts of shares, one regular* investor may have 2-3% or more at any given time.
If someone pees in the pool (sells large chunks) they'll all rush to sell large chunks as well.
Then day to day joe shmoes get left in the dust in a sea of blood red losses.
Best bet to avoid this, don't buy in the hype :)
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