Your alarm is ringing. Is it “on” or is it “going off”? Is rain a good thing? To a farmer yes as the crops need water, therefore “raining down” is a good thing! However, to a city dweller when the “rain is coming down hard” it is an inconvenience. When a persons temperature goes up (fever) it’s a bad thing; when it goes down it’s good. Conversely, if a person has hypothermia, then temperature goes up it’s a good thing; when it goes down it’s bad.
Is the house that is going “up” next to me that is blocking my view a good thing? Is the baby being “up” all night a good thing? The prices are going up is a “bad” thing for the buyers but good for the sellers; prices going “down” is a good thing for the buyers and bad for the sellers.
So yes, it all depends on the context.