Steem is undervalued because most people in the space think its community is horrible, because it's too self congratulatory. I have no arguments against it because from my personal experience here, it's true to a large extent. The money incentive always seem attract crappy content and sycophants. We need some introspection.

That said, price of Steem in the short term will obviously remain unaffected by these subtleties, as the knowledge of these sort of issues is low, outside of steemit (and to a significant fraction of steemit as well)

In the long term though, I'd say a 40-60 chance for Steem really breaking out