Leeds have been in the play-off places for 25 consecutive matches but a 1-0 defeat at home to Wolves, coupled with wins for Fulham and Sheffield Wednesday, means they drop to seventh on goal difference.
United performed poorly against a counter-attacking away side, as they recorded their 14th defeat of the season - the highest out of all top eight teams.
With the West Yorkshire side dropping out of the top six for the first time since November, manager Monk knows now is the time for the team to deliver.
He told the Yorkshire Evening Post: "This is the interesting part. We’ve spent so long in there with a points advantage and now we don’t have that. We don’t have that luxury any more."
Despite just one win from the last five games, Monk remains confident his side aren't down and out yet, especially as the fixture list looks kind for the final three games.
The Whites have three massive games remaining with trips to relegation battlers Burton and Wigan and a home clash with Norwich on the penultimate day of the season.
However, Yorkshire rivals Sheffield Wednesday will travel to sixth place Fulham on the final day, meaning three wins for Leeds will secure them a play-off place no matter what happens elsewhere.
Monk added: "We have to go on the hunt. There’s not a massive gap or anything like that. We’re right in there and it’s still a really good situation for us."