The Reds burst out of the blocks at the start of the campaign, going unbeaten through their opening 10 Premier League games.
Defeat at Tottenham on 1st November remains their only loss this term, but they have struggled to grind out results of late.
Back-to-back goalless draws at home to Fulham and West Ham have seen Rafa Benitez's side miss the opportunity to take command at the top of the table.
They are, however, still one point ahead of Chelsea and six in front of Manchester United, with Carragher of the belief that too much has been made of their recent failings. More on Sky Sports