Boss Jim Magilton was delighted with his side's defensive display at Wolves and feels the Blues are still in with a chance of the play-offs.
Magilton said: "To defend in the manner we defended was excellent. Our application, our attitude and our desire to get a result were there for all to see. It was a great performance from us.
"We knew we were going to have to ride our luck at times, with the shot that hit the bar, but limiting them to a few chances was very pleasing.
"There's nine games to go and we are proving that we're a match for the Championship leaders.
"What we haven't got, and haven't had this year, is that consistency. If we can apply ourselves in the manner in which we did here then we're in with a shout. I believe we can still do it, of course I do."
Wolves manager Mick McCarthy wasn't too disheartened by failing to win the game: "It was a point gained all the time for me against a team who have been beaten by three goals in their last two outings [sic] and who have not played for a week. They were fresher than us.
"The lads have done everything they possibly can, I thought they were brilliant, terrific - they just didn't manage to get the goal.
"Ipswich came and played 4-5-1 and didn't really have any ambition in terms of winning the game from the start.
"I don't think we could really get in behind them or find the final pass because of the way they were playing.
"All sorts of performances and types of games will win promotion for three teams.
"I haven't got a clue what the Championship is about this season. You just have to keep picking up points and playing the games and see what comes out. There isn't a formula for it."