It's hanging on by a thread.
It's been caused by longterm lack of fertilization. It should have lots of leaves after 10 years but it looks like it's been losing more than its been gaining in that time.
The leaves are floppy and yellowing with touches of red.
A red flower spike as yours has is also as I have discovered a red flag.
Some will say it could be a variety of reasons and fertilizing is the least important so will dismiss my notion. That is for everyone to decide themselves. I am no expert on the matter but there are subtle signs to look for I now know and yours is displaying 3 of them.
The important things to ask when trying to revive this one is:
what is the NPK ratio of the fertilizer. what percent are the micro nutrients?
Ok so that might be an overly complicated question but it comes based on my recent research that the Iron content should be no less than 1/40th of the N content. Ideally a ratio is 20:1 is desirable.
Now the only reason I know this or why I am suggesting that tidbit is because I have been doing lots of research based on my own suspected deficiencies.
So in practical terms if you have a 20-20-20 fertilizer it should contain 1% Iron and all other micronutrients like zinc, boron, manganese and copper in slightly lower concentrations.
I have been comparing fertilizers and the good ones have a good ratio of micronutrients, then there are lots that have far too little.
There are lots that are like 20-20-20 with just 0.1% iron.
When it comes to fertilizing orchids it is hard to find out what amount is good but I have found a grower who has used up to 8ppm Iron to water his. So anywhere between 0.1 and 8 ppm Iron is what to aim for.
Ok far too technical probably, my point is this one needs a good orchid fertilizer
any on this list should be good - I'd personaly recommend the jack's classic as my choice out of these:
10 Best Orchid Fertilizer Reviews 2021 [Top Picks & Guide]
The ph should be in the region of 5.5 to 6.5 otherwise nutrients can't be absorbed well.
I personally think this one is too far gone and all my advice would be for nothing anyway but I still try with mine.
I'd give it an extremely weak dose making sure to use a good fertilizer so that there are still enough micronutrients in such a weak dose.
I have yet to find a good orchid fertilizer I'd be happy with based on the research I know about. It just doesn't exist imo but the jack's should be as good as you can get.
Even with optimal care the plant has hardly got any chlorophyl (greenness) in the leaves so photosynthesis and thus the production of energy is going to be very limited on this orchid which is why I put the chances at very low. Without energy no amount of nutrients can save it and some would even suggest never to feed a weak orchid... but that is what will have gotten it into this situation and without remedying it it won't green up by itself.