Definitely possible. In fact it looks like a relatively straightforward thing to do in 3D as based on what I can see in those few frames there is no lighting other than what’s baked into the textures. The motion is simple too, on one axis.
The trickiest part is that it wraps around another fixed sprite of a coil. That’s also straightforward to deal with, once you realise it’s impossible to do with a single model that’s drawn all at once. Split it in two, a red part and green part. Draw them so one is in front of the coil, one behind, with the frontmost being red half the time, green the other half.