In the last hours price recovered to .002777 on healthy volume.
Now we had a similar upmove last week, but the longer term downtrend overwhelmed it
It has been a one way slide for the last month, so we will need to sustain higher and higher lows to confirm the trend reversal. .004 is a key price point and I have a feeling it will take a few tries to get past it.
With virtually no volumes in the internal market ever since the liquidity awards were suspended, there isnt much force to keep the price of STEEM stable. Let us hope a new improved liquidity awards will return soon. While it isnt possible to set a guaranteed peg, by incentivizing the pegged price, it would be possible to push the prices toward the peg.
With the SBD price highly volatile, it loses a lot of its value proposition, ie, being the stable USD equivalent. And without a stable SBD, the value of STEEM appears to be negatively affected. At least that is what the market is saying