Rafael Benitez's men have not won any of their last five games and find themselves second-bottom with just eight games to go in the Premier League.
But after a spirited fightback to earn a point against bitter rivals Sunderland in their most recent game, and with the boost Benitez's arrival has seemingly had on the players, Colback insisted that if the team's belief can continue to grow following the draw with the Black Cats, they will stand a very good chance of beating the drop.
"I think it's a massive point in the end," he told the Chronicle.
"If you lose that, it's going to be tough, especially against your local rivals.
"We've managed to fight back, get the point.
"Hopefully, we can work with the manager a bit more and get some confidence back in the team.
"When we play with confidence, I think we're a very good team."
With relegation rivals Norwich City ahead in their next game, earning three points will be a huge boost for the Magpies heading into the final weeks of the season.
With three of the top seven and three of the sides around the relegation zone still to play - including bottom club Aston Villa on the penultimate day of the campaign - getting a result against the Canaries which gives them the confidence that allows them to raise their game against the top teams in the division and then helps them avoid complacency against those struggling could be crucial to their chances of staying up.