Both a STEEM price increase as well as declining SBD supply due to conversions could result in recovery. Most likely the outcome will be some combination, although as discussed above, a STEEM price increase isn't actually required. It does need to stop crashing though.

Yeah. Now I see it more clearly.

So if I am not mistaken, if I believe in a price correction, then it is probably better to hold STEEM (if the price does not stop right at the minimal IMP). If a price correction is not going to happen and the STEEM price is going to stay where it is, then the SBD will subsequently reach USD in some time. So SBD is now something like BFX coin after hack. :)