Cardano (ADA) has dropped significantly by 85.5% from its all-time high of $3.10. Experts believe that ADA might experience a price correction if similar trends from 2019 occur again. Currently, Cardano remains in a bearish zone, seeing a 22% decrease in the last month.

Looking at the 4-hour price chart of ADA/USDT, the relative strength index (RSI) shows a neutral zone with a reading of 55.4. Meanwhile, the moving average convergence/divergence (MACD) indicates a positive momentum as the 12-day moving average crosses above the 26-day moving average.

The current price of ADA stands at $0.4574, showing a slight 0.21% increase in the last 24 hours. With a circulating supply of 36.84 billion ADA, the market cap of Cardano is at $16.3 billion.

Despite the ongoing bearish trend, there is a contrasting forecast for Cardano by a well-known crypto analyst named Ali Charts. He suggests a potential parabolic bull run for ADA, drawing parallels between the current market situation and the pattern seen in 2019. Ali outlines the phases of a brief surge, consolidation, correction, and a significant rally as indicators of a possible uptrend for ADA. Based on his analysis, investors might find favorable opportunities to ‘buy the dip’ and capitalize on Cardano's projected rise.