We have seen this similar pattern with SHIB. This happens after rocketing to a new ATH and then many of the people just take profits and lower hype around it happens. Keep in mind that this "rocket" happened while bitcoin was also rising. They have corresponding movements like most crypto does.
If we see Bitcoin rise (which I am expecting) then we should also see ADA rise. Will it be to the moon? I'm expecting it to be a new ATH potentially around $4 however, that will take time. I do think ALTcoins have a lag behind bitcoin's pricing however it's only slight. I would recommend buying this below $2 as a great entry however current pricing at 2.01-2.03 should be fine as well.