The people you talk about pulling out on every uptick and jumping back in when the price comes back down have no real effect on the long term price trends. Same with the momentum traders who buy the upswing. Speculators change the volatility, but not the trend. Some of them are increasing the volatility and some are decreasing it, but they are just affecting the short term noise in the prices.

The long term trend comes from investors and users. The real investors are buying now with the expectation that years from now there will be real business being done on Steem and that will drive up demand for the token. The users, of course, are trying to accumulate VP for immediate use. Neither one has anything to gain from selling STEEM at just $2 or $3.

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