Carragher said: "Over the years Michael has shown his mental strength and he'll be the first to admit he's going to need that again now. He'll be getting criticism over the next few days, but Michael's the type of player who's likely to bounce back and shut everyone up on Wednesday.
"He missed a couple of chances before the penalty but as far as I'm concerned it was brave of him to take it having missed the last one.
"All the players and staff are right behind Michael and I think the fans will be too on Wednesday against Portsmouth because they know what he's done for the club.
"He's absolutely devastated at the moment because he cares so much about Liverpool and is desperate to help us get into the Champions League.
"Over the years certain people have always tried to make out he cared more about England than Liverpool. It's probably because he became a national icon after the World Cup in 1998 and the country took him to their hearts so quickly.
"I think a lot of our fans would have like to have him just for Liverpool rather than England. But I know there are no fans better than ours for getting behind a player when he's feeling a bit down and I'm sure he'll have a great game on Wednesday."