Liverpool managed to defeat Wolves in a very tough match 1-0 away and it should absolutely increase their confidence for the next matches. They won't be able to end the league at a very good position or as champions but they can at least try their best to finish at a better position to be able to qualify for a tournament. When it comes to the CL, it is really their main goal right now and I've no doubt that they will play their best game. But it is really hard for them to win the CL as there are many tough and in-form opponents ahead of them.
That's the problem they are facing right now champions league is 5 points ahead with Chelsea, if can cover that difference it would be great for them, they need at least champions league level, but it is not going to be easy, Chelsea is playing not so awesome recently neither, only 2 wins in the last 5 weeks but Liverpool could recover and win all their left games and could actually go over them, if Liverpool plays well I am sure that chelsea will lose some points fr sure.
This is going to be tough to watch for Liverpool fans, every single game will be a very difficult game, it is not going to be easy to see Liverpool missing champions league or maybe even europa league if they continue like this. That is why I think it is quite important that they win or their fans will want someone responsible for this, they will want to hear who is the reason for missing all of european competitions.