The dynamics of a hanging chain pendulum, long treated as a textbook problem in classical mechanics, are revisited from a fresh and rigorous analytical perspective. By systematically deriving and comparing the continuum and discrete formulations, subtle but significant differences in the vibrational spectrum, particularly in the high-frequency regime are uncovered. Using asymptotic expansions, boundary layer theory, and matched scaling arguments, a comprehensive description of the eigenmodes and their scaling behavior is developed. In the discrete model, we reveal a striking two-regime structure: low-frequency modes governed by Bessel-type equations, and high-frequency modes localized near the free end, described by Airy-type asymptotics. The transition between these regimes emerges naturally from a balance of competing terms in the governing equations, yielding a characteristic crossover scaling. This analysis clarifies the limitations of discrete and continuum approximations and exposes the deeper mathematical structure underlying the system. Ultimately, the followed approach provides a dual perspective and case study, demonstrating how rigorous asymptotics bridge discrete and continuum models and yield fresh insight into seemingly well-understood mechanics of the chain pendulum.