Price goes lower than ICO has many reasons.  First, are we looking at the fiat value or the bitcoin value of it.  If it is the fiat value, when bitcoin prices goes down, the token fiat value will become lower than ICO.  Second, we have the giveaways.  The giveaways like bounties will have selling pressure to the token.  Third, we have the owners of the token itself.  For them, the value of the token is free. Thus, they can afford to sell at a lower price than ICO.