A lot of this game is just trying to put yourself in the shoes of your opponent. If you were a bear who has been shorting this thing for who knows how long at this point, but definitely have a fairly large vested interest in seeing the price lower, you need to do everything possible to mitigate the effect of the impending news catalysts.

From the daily chart I can tell that they are very desperately trying to stop any close above the 20 day moving average, which currently stands at about .034. If you take a look at where the bulk of the shorts are positioned it is at .033.

From an investor's standpoint, or heck even a trader's stand point, they look at the chart and the L2 and say 3 cents has been defended with such ferocity since April of 2011, and there are so many news catalysts piling up, that risk reward favors entry in the low 3's.