I think the available white paper is outdated and does not show major changes that were made in December to the inflation rate of the currency. It is much lower now, so if investment increases, Steem price can definitely stabilize and increase. 
Occurring alongside the decrease in inflation, the period to divest Steempower holdings also greatly decreased from 2 years to only 3 months. Some folks feel we're experiencing the initial sell off of early investors who began divesting in early December when the 3 month option became available. If this is true and the selling alleviates a bit, it could also be positive.