The reason behind panic selling is that people lack patience and they get panic when they see price going down and start selling their coins at cheaper price and I think that is the time when we should hold our coins tight and wait for the price to bounce back again but generally people doesn't follow this simple rule.
It is not the patience that triggers panic selling. It is the lack of knowledge on what it is their holding. Lack knowledge meand lack of faith, and lack of faith means easily get shaken when dumps occurs, may it valid or fake dump. So the first move this people who lack faith is to sell their holdings the soonest the can.
Impatient will also have the effect of panic because if you are patient you will survive and not panic when the price goes down. Knowledge also gives effect. If you have any knowledge of course you know the bitcoin price cycle and want to be patient in holding bitcoin
Without patience in trade, there is nothing to do, because these can only create yourself the additional stress and loss of funds.
Patience will be very suitable for the longterm investment, In trading and if you're want to short the coin and it just takes a right timing to get on the trade market.
And a lot of factors need to be considered before try to take a long-term decision.
I think some coin will not worth to be longterm investment especially like EDR and something like that's just a scam coin.