The Reds appeared to have a Champions League place sewn up before a run of just one win from their last five league outings - including Sunday's 1-0 defeat to fellow hopefuls Chelsea - left them needing a win on the final day to guarantee their place in next season's competition.
Liverpool will still go into Sunday's match at home to Brighton & Hove Albion as favourites to pick up all three points, though, and Lovren believes that their similar experience last season - when they beat Middlesbrough on the final day - will stand them in good stead this weekend.
"It's a similar [situation]. We know what we can expect," Lovren told the club's official website.
"It will definitely be tough. Brighton showed in their previous game against Manchester United that they can win against big teams. But it's still in our hands. The next game will definitely be a tough game but I'm confident we can manage to win it."
Liverpool have not recorded back-to-back top-four finishes since 2008-09.