Your assessment is sound. The SP actually came down from a high of .0039 last week.
Though today was painful, as you stated, the SP did bounce off that low and closed 2 points up.
The gap was filled, the profit takers are gone and the MMs, who made their money on the dip, will also make money pushing the SP back up to bring in new buyers based on FOMO.
Good post... Here is today's 1 minute $MRNJ chart>>>
The VOLUME is in millions below the chart... As we can see PRICE CRASHED in the first 4 minutes with 270 million shares dumped! Traders really never stood a chance to sell, as any ask they put up was immediately replaced with a lower ask... Then for the next 50 minutes or so, price tried to recover with a climb from .0015 lows to .0022...
Then price started declining again with someone panic selling over 100 million shares at 10:20...
That kind of action shook the longs, and the rest of the day was mostly trading, with some trips holders taking their profits out of fear, and others buying in, as most will expect the stock to bounce at least back over .002's, as there is so much VOLUME here...
That 55 million shares sold at $3:28 p.m. was interesting, as price hit .0011, but buyers rapidly grabbed them all and returned the price to .0012.
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