This really is an interesting situation... I cannot come up with a really good analysis really.
I've seen that situation before, and I can't figure it out either. All I can say is that I've seen it a handful of times and that the price is still on an upward trend, so I don't sweat it...although I definitely don't get it...maybe it's the only one with real and not inflated value?
Of the list Monero is the only with a 'real' distribution (organic), some others like LTC and ETH have some decent distribution but its offset by awful concentration or premine. I would say Monero is the only real coin besides Bitcoin.
You know... with there being thousands in BTC volume traded daily. Millions of dollars a day... there is only really one reason the price is resisting the greater trends in an amazing bull market where even known scam coins are growing orders of magnitude in value.
Someone is selling.
Our bull market is being quietly held down by someone or someones selling.
I believe it's that simple.
I believe quite a few people have a vested interest in keeping Monero's price low (relative to the insanity that has been going on recently).
With so many other coins pumping there is a lot of money to be made short term. If you were a long term Monero believer but also liked to play the short game and had the money to move/hold a market, it would make sense to put downward pressure on Monero while making a killing on the other alts.
All that profit is a lot less valuable if Monero rises the same amount. But if Monero can be pressured down it gives a relatively great entry point with all that new influx of cash from the other altcoin bubbles.
Ride the pump of other alts, profit, flip it into more monero for the long term. But that only works if monero can be contained.