ADN CHART, page-4545

I don't think people would wait 14 odd years to get their money back - however it can't be ruled out..

But to your point and question - you are correct in your assumption. A previous ATH is a psychological level that will present itself as resistance (people who bought the top and got locked in will take the opportunity to exit without a loss) and flip to support if the demand is there.

Traders will see the level coming up and use it as a sell target, or buy if they see the price blaze past it on volume. Maybe a market maker will soak some supply to create the illusion of support and suck in a few people to sell to. Plenty of ideas out there.

Further more there was a frothy top on large volume yet the price moved nowhere. Confirmation came the day after.