Steem has a high concentration of whales in my view, whales who bought in cheap in many cases. They like to unload when the price moves up so that's why I'm not projecting far beyond $10... like I think it will take out $10, so this means $11 to $20 probably, but whale selling pressure is what needs to be overcome with Steem.
Now eventually, whales who keep selling are diluted into a wider market of owners of STEEM and this no longer becomes a major issue.