If a cosmic object exhibits a blueshift, what does that indicate about its motion relative to us?

Answer

The source is moving toward us

A blueshift results from the compression of light waves, which happens when the source of light is moving toward the observer, as seen with gravitationally bound neighbors.

If a cosmic object exhibits a blueshift, what does that indicate about its motion relative to us?
galaxiesastronomyuniverseredshiftblueshift