Most in the markets simply follow the herd. When things are falling, they join in the party of FUD and dump it all. The mindset of the average market participant, in all the different markets, reveals this.
Why should crypto be any different? People see the price tank and they pull the rip cord not realizing that there will be a day when the bear goes back into hibernation.
Crypto is so volatile, good projects should be HODLed. STEEM, in my view, is at the top of the food chain.
Ignore price action, look at the development...that tells the true story.
Wow, you analysed it well...moreover the fuders and dumpers are the reason why we can make more money by buying low and HODL