It's a buy point. But the long term trend is only slightly up.

It will go down more, but it will go up more than that long term. That's basically inevitable because Monero is used in the real world as a currency and money printers have been going brrrrrr. If those drug dealers want to earn the same amount they will need to charge more XMR.

Let's face it, Monero could be pegged to the price of growing/manufacturing/transporting drugs (real world physical products and labour). If fiat currency is devalued, XMR has to go up.

What this basically means is Monero is a store of value, but not a speculation coin. Explosive growth or mooning like you see with scam coins is unlikely, because it is pegged to real world value of people actually doing something in exchange for goods and services, which is quite unlike any other crypto.

There is basically a ceiling on Monero, which is roughly pegged to inflation, because it's actually in use as a currency. It won't 10x or 100x (and if it does it will be brief before correction). But on the flip side of that, you won't lose your investment. In that respect it's similar to gold. If they print money, your XMR holds its value.