If it only has those 2, pseudobulbs, then unfortunately yes. Sorry.
FWIW, it looks like it stayed too wet, or too long in the same media / too decomposed. My strap-leaved Oncidium alliance plants do well in an open medium based on medium-sized bark, watered like a Phalaenopsis (mostly allowed some drying before the next watering event; going dry occasionally in between, like a Cattleya, seems to do no harm. They do well when grown in net pots, with aerial roots above the bark).
|