At the end of February and briefly in the first week of March, Monero had some success fending off sale pressure. But, this week has seen a huge price lapse as the bears have finally caught up with it.

Monero's price decreased by almost 14% this week as a result of the week's general unfavorable market conditions.

Prior to that, it twirled about the 200-day moving average before eventually caving in to the bears. At the time of writing, it was circling the $137 above support level and the RSI somehow managed to not to break within oversold territory.

Monero Still Having Positive Visibility

Notwithstanding the losses it experienced in its price action, Monero nevertheless managed to win the social ranking.

In terms of social standing, Monero was chosen as the day's coin by LunarCrush. This indicated that it was getting a lot of social attention, which is beneficial, especially now that it is on sale.

The positive social standing means that Monero might be able to gather substantial volumes for a significant return if necessary.

The ranking reflects the increase in social volume that was seen this week, which culminated on Tuesday in a new monthly peak. At the time of publication, it has also seen another large increase in the previous 24 hours.

Source: Santiment

The significant social volume activity was accompanied by an increase in Monero's weighted sentiment. The sentiment's weighted analysis revealed an adverse relationship with price movement. The dynamics of XMR holders, however, provided a more intriguing perspective.

At the time of publication, the on-chain volume for Monero has just surpassed its previous monthly high. At the same time, its price experienced the biggest daily change in the previous two weeks.

Source: Santiment

XMR volume peaked on Friday and has since shown indications of slowing down.

an indication that the bears may be worn out. It's interesting to note that the price volatility indicator changed direction on the same day after slowing down earlier.

But, it is still uncertain whether this volatility may be a significant wave of accumulation, particularly given that the price is now trading at a discount.

Implication

The support retest and interaction with oversold conditions are just two of the many indicators that have emerged so far that point to the likelihood of a pivot.

This does not, however, mean that Monero bears are finished. If the FUD is successful, we might still see more losses, but the significant pullback also suggests that a bullish pivot may be on the horizon.

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