you cannot get away with watering a bare-root dendrobium just once a week, bare-root orchids need daily watering.
Since it provides lots of air which is essential to roots it is a good method but some even water 2 to 3 times a day in the height of summer as you cannot overwater growing bare-root but they can dry very easily with this method.
The signs of dehydration is to lose it's leaves like yours is.
If you can make it keep at least 2 leaves then there is hope it will recover.
edit: I see you are down to 1 leaf only already...
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