If you are intent, upon saving it, try using some long fiber moss & fill that basket, with it as much as possible, then keep misting several times a day, providing good air circulation & plenty of bright sunlight, but under shade of a tree.
If you can use diluted fertilizer regularly, with frequent heavy watering, you may just get roots to form above it & then once they've grown, it may "outgrow" the area that appears to have some sort of problem.
Then, once new roots have appeared to be growing well, above that area, cut with a clean & very sharp blade, carefully. just above the bad looking section.
Keep away from any other orchids & if it gets any worse & you have other orchids, you may not want to risk, causing any others to get the same problem.
