Price doesn't move based on fundamentals. If the markets were rational coinmarketcap would look a lot different. Plus, price unfolds in "linear time" but you have to realize there's a lot more than what happened today or 3 days ago.

If the market is bullish on STEEM on the scope of 5 years, what happens for a few days or even months is insignificant in the long run. Look at BTC, it was still mooning when the blockchain was completely bloated and basically nonfunctional!