Monero (XMR) experienced a significant pullback this week, despite showing initial signs of bullish momentum and potential to reach its 2021 all-time high. After starting the week with a substantial retracement, Monero dropped by around 23% following a wave of profit-taking. Despite this bearish episode, the coin’s price recovered somewhat, closing at $346. While some investors took profits after the initial surge, the overall downtrend has shown signs of cooling down. Notably, Monero was among the biggest losers in the top 50 cryptocurrencies by market capitalization this week. However, no specific event triggered the shift from bullish to bearish sentiment. This suggests that the drop was mainly due to profit-taking following the significant price increases over recent weeks.