If it has a few viable roots, it should recover with proper care. Phalaenopsis grow slowly so it may take a while to see improvement. If it tends to move around in the pot because it does not have enough roots to anchor it, you might want to stake it (it's important that it doesn't wobble because this could result in injury to growing root tips and slow recovery).
I would also take a look at the "Phal abuse ends here" sticky thread for some care pointers if this is your first Phal. If you can provide some specifics on how you currently have it set up people can also chime in with specific pointers if you need them.
I'd steer clear of orchid spikes. They really don't need much in the way of fertilizer. I think in the condition you describe, inadvertently over fertilizing a stressed plant would be the bigger risk.
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