The bluish-grey epiphyte grows at the tops of rainforest trees and was last recorded 26 years ago.
It was widely believed to be extinct, with forest clearance seen as a major factor in its demise.
Its rediscovery could lead to medicinal benefits.
In China, another member of the species is cultivated to extract the compound Huperzine, believed to help in the treatment of Alzheimer's disease.
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