Dendrobium with leaves turning yellow and falling off

[steph]

Hi everyone,

I'm a newbie here, and hoping to get some help for my first dendrobium orchid.

I bought it about 3 weeks ago, and all I know about it is that it says its from Costa Farms and I THINK it looks like the phalaenopsis type.

When I first bought it, it had lots of stiff green leaves. Within the next few days some of the top leaves started to turn yellow and fall off. I watered it only once, the week after I bought it and the spaghnum moss still looks completely wet today. There appears to be no drainage holes anywhere on the pot, and I don't know if that is the problem, although the leaves were already yellowing before I watered the plant.

Today the plant has only about half the number of leaves it started off with, and the remaining leaves are turning yellow too.

Is there any way to save this plant?
Please let me know.