Hello fellow house plant freaks Sorry to hear about your Dracaena declining. My Dracaena thrives on ignorance. What was once one of my favourite house plants is now a plant that tends to be pushed out of the way every now and then. it sits underneath a fluorescent light all day and gets watered when it is dry. It has spent most of its life sitting on the floor being pushed out of the way when i needed the room and is mostly an annoyance rather than a prized specimen for me. Despite what seems like a lack of care for it, it still continues to push out new growth from the top. when the leaves crack, i give it a haircut with scissors. i can't remeber the last time i fetilized it (i dont think i have yet months after buying it at Wal-Mart in a not so good condition for 3 bucks) Sometimes i think the best thing you can do for a plant that is declining is to just ignore it and let it do it's thing. Here is a picture of it on my messy desk. It shares it's home with junk laying on my desk and some chemical containers laying around. - Pete, 19

Your light is not an issue... It seems the root system was compromised and should be a long larger for that plant size leading me to suspect past root damage and poor watering on the part of the store, then worsened as that mix decomposed even further, and the fact it stays much more wetter than an inch down than one might think now. I would of lifted the plant from it's pot before bringing it home and would of noticed the small root system in advance..If you decide to bring that one back and buy another, make sure you but one with a good healthy root system to start with) If you decide to keep it, then make sure to use a fast draining mix in one does not allow the accumulation of salts to build up since this plant is VERY sensitive to that and one that dries out evenly forcing you to water at least twice a week...I personally use the 1.1.1 mix for one of mine doing very well in which I only have to water once a week now, and the others are in a 5.1.1 mix..That being 5 parts of bark, one part perlite and one part peat..If it were me, I would use 5 parts of bark, one part of that mix you have and one part of perlite..I like to use a much more bark in my mixes ensuring proper drainage and a perfect root environment...) With lots of light, warmth and a good open mix, your tree just might have a good chance..Or, you will be better prepared for the next one that replaces that one!

I wouldn’t try and propagate the top. I’d personally cut it below that point and get it into a pot just barely big enough for the roots with a fast draining mix with a drain hole. It wont need very much water at all. Place right in front of your sunniest window and wait. If the roots and lower stem are viable you may get it to back bud. Being that the top is as rotted as it is from over watering, it wouldn’t surprise me if most of the roots were also rotted.

@HU-680135289 Yes I am afraid at this point @kristimooneyhan advice is your only way to get the plant looking good again. I would at least smell the soil for foul odors which would tell you there is rot. If that is not bad, I would cut it back. Look at the tissue where you made the cut . If it's slightly discolored keep cutting up until it looks healthy. I root them in water, some people have better luck in soil. Whichever is your preference is fine. Once the top is off the sick plant, it bounces back just fine in a heartbeat. With a little luck the remaining bottom stem will grow a new tuft of leaves. I know this is drastic, but putting it off is kind of risky at this point in my opinion. Good luck.