This card has changed a lot throughout history. It originally meant a traitor; someone who had betrayed someone or something. Later, it meant sacrifice, and some still read it as that. But more commonly, now, people read it as being in a kind of comfortable limbo waiting for a revelation or realization of some sort.
In this image in particular, there is a sense of balance. Many tarot cards suggest balance: Lovers, Chariot, Justice, Temperance. Even the cards with pillars, such as the High Priestess, or the Moon with its two towers. Examining all the different flavors of balance in the tarot…now that would be an interesting study.
I usually read it as a kind of time out, a suggestion to do nothing at the moment, but reflect and consider things. How do you read the Hanged Man?
image from the Legacy of the Divine Tarot by Ciro Marchetti