Why do you say investor panic?..... no panicking going on whatsoever. Think of a balloon being inflated with the air being released slowly in stages. If there were panic selling going on we'd be at $1.10 now.
The stock is just doing what it supposed to do..... it is bouncing off trading targets that I have already posted on this board. These are price points where buying occurs for short term gains. This is followed by selling into the strength where the unlearned and undisciplined think things are improving hoping it will go to $2.00 tomorrow..
Upon reaching upside targets traders sell (like myself) and wait for the next downside buy-in point. In the end a trader who has a core position manages to double his/her position or cash value. Traders love such low float stocks since they are so volatile.
There should be good support at $1.20 but if a real panic ensues (or washout) we will see sub $1.00 intraday with a close above $1.20 by the end of the day. May not happen but anyone with a core position at or around $1.00 shouldn't have to worry.