Altcoin prices are overwhelmingly driven by market conditions. It's well known we are in a bearish period for altcoins. Don't blame Steem entirely.
That said, Steem has performed worse than most prominent altcoins, which is evident from checking out CMC. Top 10 (2016), Top 30 (2017), Top 50 (2018). Currently, it's at #81. Furthermore, successful projects like EOS, BNB, BAT, MKR were all around Steem at some point, all of which are an order of magnitude or more ahead of it now. Don't blame Steem's failures on the altcoin market.
The price has minimal reflection on HF21's performance. There's always initial excitement surrounding major hardforks, but it'll take approximately 3 months for things to settle down. Moreover, the inflation rate remains unchanged. Don't blame HF21 for STEEM continuing to drop.
Speaking of, the only way to increase price ceteris paribus is by decreasing supply or inflation. There's significant correlation between altcoins that have thrived in the bear market with those featuring low or <0 inflation. Don't expect any sustained improvements in price relative to the altcoin market till inflation is under 2%. (Nominally, 8.3% is way too high, made even worse by the SBD conversions.)
Lastly, and most importantly, the price will go up when the crypto whales feel like manipulating the altcoin market and "dumb money" enters. Remember to sell your favourite altcoin when that happens. If you have an irrational obsession about Steem, you can always buy back when the inevitable bear market hits. This is the only way to become a whale.
In short, it's mostly the altcoin market, but also Steem can do some things to bolster the price within that context. The chief economic tools available are:
a) Reducing inflation.
b) Canceling SBD.
c) Reducing investor friction; e.g. reducing lock-in period.
d) Reducing supply, e.g. burning Steemit Inc's oversized stake.
