You put a lot more faith in the Max Pain theory than I do. Max Pain, to the extent it exists, just presents a pull on a stock and doesn't represent a ceiling or floor. Going to $3 is a little bit more than a 10% move, which is doable - especially if they announce that European partner they've been hinting at or some other possitive news. Regardless, I think it goes to $3 before it goes to $1.50 as the bears have predicted.
that doesn't sound like a prudent strategy for hedge, option at this point is more likely for hedging long positions, but it does provide resistance. with the current level of short interest, any short squeeze can push over it