The ASX is full of insiders and groups who will work together to create supply by selling down their stock over the period of weeks to months to create oversupply, while potentially using fear in forums to disrupt demand.
This will force a SP down.
If there isn't a catalyst or news event that draws real demand, it leaves the stock in a position of vulnerability as these groups can hold more stock then any retail rallys demand could overcome.
This end of the market does not behave the same as the high caps. With much less volume brings the potential for anyone to control a stocks price if they throw enough money at it. Groups can artificially control a chart because there's no actual volume to control it. Again this only happens down here because these are usually business that aren't making a profit so are ignored by a majority of the market. I believe asic even views speccy investors are degenerate gamblers and allows it to continue.
It could be anyone from retail trading groups with deep pockets, to US brokers wanting to have some fun on your dime. If they can create oversupply and take your stock for 50% cheaper they will because they're vultures and do not care of morality
