Despite a recent market correction, Monero's price has stabilized above $220 and shows signs of potential rally. Coinglass data indicates an increase in traders betting on Monero's price increase, with the XMR long-to-short ratio reaching its highest level in over a month. The price of Monero bounced back after retesting its 200-day Exponential Moving Average (EMA) and closing above its ascending trendline. If the upward trend continues, Monero's price could rally by 18% to retest its previous high. The Relative Strength Index (RSI) on the daily chart also indicates increasing bullish momentum. However, if Monero's price declines and breaks below the ascending trendline and 200-day EMA, the bullish thesis would be invalidated, potentially leading to further declines.



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