So why is this happening?
During the recent bull-run many individuals purchased cryptocurrency with funds they borrowed or need to sustain their standard of living. Speculating with critical or borrowed funds is not a wise investment decision. Repayments need to be made and rent needs to be paid — these holders will sell, even at a loss, in order to be able to meet their financial commitments.
For those who invested with only what they were prepared to lose — there is no need to panic sell.
Remember that for every trade there is a counterparty — for every sale executed now someone is buying. The smart money is just waiting for the bottom, and if you’re giving them cheaper and cheaper tokens, they will not complain.