First of all hello, welcome to Pixelation.
Your character is a very stereotypical longhair anime person. I know nobody asked me, but I had to mention this. Now to critique:
You're not using your colors as smartly as you could. The edit I edited falsely says 23 colors, it really has 30 of the suckers. Mine uses 17. A lot on the original are too close to themselves, and a lot are very close to black and can easily be taken away without any loss of detail or information on the sprite. If you're using MSpaint to do pixel art, stop. Use something where you can change your palette slots on the fly and on-screen so you can maximise contrast and tinting fast and precisely. Graphics Gale is a good free option.
The fabric you're using is underutilized, I feel. Check reference on good velvet suits for how to shade.
Check out SNK sprites for a pretty decent approach on how to shade cloth-on-human-being, I followed a similar route for the edit.
I know, I know, style. Nevertheless I found the angle of the left (ours) leg too much for comfort, and pulled it in.
Avoid sideways lightsources for fighter sprites. When the sprite flips, does the lightsource of the whole world flip with it? Or are you going to reshade every frame for the mirror of it? Top and bottom lightsources are usually applied in games, and for a reason.
