TA doesn't even consider underlying business. Capital gains is the traditional incentive for investing, but Steem allows ~90% of the value of the business to be extracted by profiteers through rewards. This business is content creation, and that is what markets Steem as well, by attracting a market via that content and enabling new investors to buy Steem, creating capital gains.

Consider that @steem is currently powering down, and that EIP will increase the profit extracted by profiteers by another 40% of the remaining ~10% shared by the actual producers of the product of Steem. Wiggles on charts won't reveal what that will do.

Common sense does.