Real Madrid boss Carlo Ancelotti has hailed Cristiano Ronaldo's last-minute equaliser against Valencia, claiming that the goal keeps his side in with a chance of winning the La Liga title.

Madrid looked as though they were going to surrender all three points at the Bernabeu before Ronaldo produced a back-heeled volley in injury time to earn his side a draw.

"Ronaldo's goal is very important because losing this game would have meant that we lost the league," Ancelotti told reporters after the game, according to Goal.com.

"Like I've said before, the league will be decided in the last game. It was a tough week for all the three teams.

"The team started the match well but it became more difficult to play with the same intensity. We lost a good chance to advance in the league but it's not over yet."

Madrid currently hold third position in the Primera Division table.