UPDATE
#4 Heart Attack - 19 votes
#11 new - 12 votes
6 hours remaining
In order to come back, new would need to make up 7 votes in the final 6 hours of the match, and that would only be to tie. But it did happen before.
In the first LOONA Tournament, new faced off against Heart Attack and was down by a significant margin at the halfway point (I believe it was 11 votes). But it managed to stage an impressive comeback and tie the match by the end of the 24-hour voting period.
While I don't think it is likely that it will happen again, it is certainly possible.