One of the reason why it's so low is that no exchanges seems to care about this coin (apart from some no-name Chinese sites).  If it would appear on Cryptsy or Coinex, it would for sure get a boost 

But the number 1 reason why it's tanking right now is IMHO because this is mainly a quick-money coin.  By that I mean that by the way it's designed, 90% of people jumped mining the cr@p of it when it came out, to get the maximum number of coins while it was worth it (while reward was high, and number of miners was low).  Now, most of the coins are mined, reward is very low (compared with initial reward) and so many people mine it that it's not worth mining it anymore in the eye of most people.  So, what you have is a coin where it still have to do it's proof (that takes time, months...), and 75%+ of the coins already mined, and especially most of the holders of those coins just DYING for this coin to go up and cash in.  So, don't be surprised that people get tired, seeing this cion tanking, decide to sell, dump, stop waiting, and killing any price raise with sudden selling, telling themselves "well, it's up 10%, dump now before the price may never reach that price again for a while...".  Remember, probably the majority of people who have the initial coins are there for quick money, and not true believer/holders.

I sincerely do hope that this coin do get up.  I didn't mine it and even if I was there at the beginning, I wouldn't have mined it either (don't have GPU rig, I'm more equipped on SHA256 side with ASIC).  But I did get some coins though on the... hummm... only non-Chinese exchange out there