Agree. $0.30 would be the logical bottom for a higher-highs-and-higher-lows healthy stairstep pattern, and a big bounce tomorrow would do wonders for confidence. However, I don't think "all is lost" just yet if we break below it and close there.
I view the true line in the sand as $0.217975 - the 50-day moving average on a daily chart. That has been the hard stopping point in the two most violent and sustained pullbacks since October.
A week ago I would've laughed at the prospect of such a move, given the strength of the DD and the ever-increasing volume of the last run higher. Now, it looms -42.82% lower from current prices, and we just experienced a -32.63% session while closing right near the low of the day. $0.60's were a logical stopping point as recently as yesterday, and we almost held on. But, the OTC bloodbath of the past seven days continued and crushed that hope with enthusiasm.
I agree that a trip below $0.30 is dangerous due to the fact that it would completely smash confidence that has already been shaken. If a stock with such strong potential, a bevy of significant upcoming catalysts, and a track record of trust and follow-through can get annihilated to the tune of -75% in 8 days, can you really invest in anything on the OTC with any remote hint of confidence? Probably not.
Nevertheless, pullbacks end when the market twists the knife. $0.30 sounds brutal, but a trip to the 50-dma would be the real knife twist. I hope we bounce hard tomorrow as this has surely gone too far already, but in the event that we close sub-$0.30 tomorrow on another OTC wipeout (it's not just ENZC, btw), the technicals have one last card to play before it's really time for people to panic.
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