Pi Network (PI) continues to trade within a narrow channel, with its price hovering above $0.17 over the past week. Despite attempts to breach the $0.20 resistance level in late April, the cryptocurrency faced rejection, leading to a decline in trading volume. This consolidation phase suggests that PI may have found a bottom, as it has stopped making lower lows. Currently, PI's price and momentum indicators show no signs of an imminent breakout. However, the formation of higher lows since hitting a bottom at $0.13 could indicate a bullish trend, contingent on surpassing the $0.20 resistance. For this to occur, an increase in buy volume is necessary, as trading activity has remained subdued since April. Until volume picks up, PI is expected to remain within its current range of $0.16 to $0.20.