Monero's price is stabilizing above $220 after retesting its ascending trendline and finding support around $195 on Monday. This development has led to a surge in the XMR long-to-short ratio, which has reached its highest level in over a month, indicating that more traders are betting on Monero's price to rise. According to Coinglass data, if XMR continues its upward trend, it could extend the rally by 18% from its current trading levels to retest its April 26, 2022, high of $262.50. The Relative Strength Index (RSI) on the daily chart also reads 54 and points upwards, indicating increasing bullish momentum. However, it's essential to note that if XMR declines, breaks below the ascending trendline, and closes below the 200-day EMA at $195.72, the bullish thesis would be invalidated. This scenario would lead to an additional decline to test its next daily support level at $181.43. In the broader cryptocurrency market, Bitcoin is hovering around $97,000, while Ethereum's struggles in recent months have raised questions about whether the second-largest cryptocurrency is stifling altcoin gains. #firstdealofthenewyear-Bronz #firstdealofthenewyear-Bronz