I did a little edit. Your piece is very minimalistic, so its hard to give actual critique. there is just not a lot of stuff, you have no shading or interesting clothes. Something that can definitely be improved is your colours tho, you need to change Saturation and Hue too, search tutorials on color theory in pixel art and just color theory in general for that.

I did a quick edit, I think a big problem is that your character has so little colour variation she ends up just lookiing all black, you should add some stronger lighting to really show the forms, its also why i had to colour her right leg grey to really see what was going on.

So what I did in my edit was have the 2 overshooting frames (#2 and #6 to be exact) have a longer duration, 150 ms. You kind of did the same by having the same frame twice, but that made it have a duration of 200 ms which is too long.

Anoter problem was that frame 4 and frame 8 were  the exact same, this looked really weird because the movement wasn't the same.

I also removed the smears you used, your animation is just to slow to use them well, it's also very unusual to use smears in a walking animation, it looks kind of weird.

Of course my edit wasn't perfect, it needs a lot of cleaning up, but I hope you get what I mean.

You should really change up your colours more, like change the hue and saturation values.
I also suggest making the outline another colour than just pure black.



Here's a quick edit of what those changes could do.

I think the first one's colours are definitly better, they fit the texture better, since its kind of a liquidy thing you don't have to make the colours very strong. If it were like a piece of metal, then you would want the colors to be strong.

I do think you slacked off at shading the white part, you just have some gross banding now.

I haven't read every comment but ill just give my list:

Arcade

Street Fighter III. firstly the pixel art and just art in general is very good, but what sets this game apart from every other one is the animation. This was the game that practically started clothing animation. It does everything perfect, smears, anticipation, smooth in and out etc. When you need to make a fighting game, just look at these animations. (Skullgirls actually did this)

Red Earth. My favorite looking arcade fighter, it's just so pretty, especially the colours.

Darkstalkers/Vampire franchise: these also just have amazing art.

GBA:

Minish Cap, just wow. this is Sel-out heaven. the only problem with the art is that its meant to be seen on a gba screen, so if you see it on a normal monitor it looks way too saturated.

Pokemon R/S/E: This is imo the pokemon game with the best sprites. These even look nice on a normal monitor. The spritework is just top-notch.

Golden Sun 1 and 2: Even though these were just 3D models  made into sprites, DKC-wise, this game still looks amazing and aged a lot better than DKC and Super Mario RPG.

Misc.

Breath of Fire IV. I rarely see any praise for this game, but damn this is something. Maybe it's rotoscoped, i don't know but the art looks amazing.

Star Ocean Blue Sphere. This game may not look that amazing to the untrained eye, but this is as good as it gets on the GBC.