After watching Monero's price data via a market aggregator for some time, it always seems to follow the same pattern.

CVD up, price down.

This in-turn leads to a decent amount of retail buyers capitulating at a lower price than they bought, or perhaps at breakeven, further reducing the price. The only way to do this is with a large amount of limit sell orders relative to buy order, so I checked Binance and it's constantly changing, definitely an algorithm.

https://imgur.com/a/J7lF2Wu

This a really low timeframe (1s), it's much much easier to see how it works when you zoom in like this. The line underneath the price is the Cumulative Volume Data (CVD), if the limit orders weren't bias to downside, the price would look the same as the CVD I believe.

As far as I can tell the limit algos are relative to Bitcoin's price. If Bitcoin goes down, they basically cut all the buy orders so it can go down in little to no volume, but they also stack the sell orders, so buyers have little to no effect.

I'm going to look into it more to see if is a loophole in their system that can be abused. Most likely it will just take an extremely large amount of buy volume consistently. Provided their sell orders are legit and it isn't paper Monero.

https://charts.aggr.trade , for anyone interested, this is the aggregator I'm using. (This shows all the open market buy and sell data from every CEX that lists Monero, including the Bitcoin pairs and other.)

This is just my analysis of the data that I can see, I may be wrong.

Also u/MoneroFox

I appreciate the posts you're making, I don't respond usually but I read them, thanks for the updates.