This is the 730th most frequent German word.
hängt
"Depends" or "hangs" (depending on context).
Here, 'hängt' is used as an action about the state of the picture being positioned on the wall.
Das Bild hängt an der Wand.
The picture is hanging on the wall.
'Hängt' describes the state of the coat being suspended on an object.
Der Mantel hängt am Haken.
The coat is hanging on the hook.
In this context, 'hängt' is part of the phrase 'hängt von ... ab', which means 'depends on'.