OMG Network price jumps over 20% after Genesis Block acquires it

Genesis Block Ventures (GBV), an investment branch of Genesis Block, acquired the Ethereum second-layer solution provider OMG Network (OMG). GBV has a strong presence in Thailand and other Asian countries. OMG acquisition aims to enhance its blockchain ecosystem and promote OMG Network adoption in the Asian region and beyond. 

GBV to promote OMG Network in the Asian region

GBV has been a major player in the decentralized finance (DeFi) industry. The team entered many partnerships with the leading players in the space, including Binance and FTX.

Following the acquisition, a number of integrations and partnerships are in the works; GBV and OMG will work closely together to leverage resources and explore new directions, such as building lending and trading platforms, to achieve DeFi's massive adoption and growth potential, the press-release says.

The team confirmed that OMG's native token would retain its functionality as a utility token within the OMG Network. The blockchain project will continue working on its short-term goals as a Layer-2 infrastructure provider for the ETH network. However, in the long run, it will re-focus on more partnerships to broaden the use cases.

OMG skyrockets following the acquisition news

The community cheered the news as the native token of OMG Network jumped by over 20% in less than an hour. At the time of writing, OMG is changing hands at $4.3 amid strong bullish momentum. If the growth is sustained, the price may retest the intraday high of $4.4, which also served as resistance during the September recovery attempt.

OMG's 1-hour chart

Meanwhile, the In/Out of the Money Around Price data confirms a supply wall around $4.4 area. Over 1,000 addresses holding 535,000 coins create a local resistance here. If it gives way, the buying pressure may increase with the next focus on $4.8 and $5.

OMG's In/Out of the Money Around Price data

On the other hand, OMG sits on top of an important support area on approach to $4. The IOMAP cohorts show that 1,140 addresses previously purchased over 1.85 million tokens between $4 and $4.13. This area can absorb the selling pressure and create a new bullish impulse.