Many microphones also feature built-in “roll off” switches, which filter out unused bass frequencies to prevent unwanted noise. Another common feature is a pad, which lowers the input volume of the microphone. This can be very useful when dealing with particularly boisterous speakers who tend to clip the microphone even at low gain levels.
Is one waveform going up when the other is going down? Then that’s probably the culprit. Modern DAWs and plugin manufacturers have numerous solutions to “nudge” tracks in either direction, so experiment with what you have.