I think this may be somewhat over-dithered. There's not a very clear distinction in texture between his sword, his armor, the cloth of his clothing, and his hair. The chain mail looks about right, but the pants especially look like they're made of basically the same material because of how they're dithered. The cloak is a little better, but the shading looks random on the part where it comes down over his shoulder; it shouldn't really be lighter at the back, should it? The lighting in this piece seems to be coming from the front left.
I like the little sprites though. They're readable and cute. You might help the readability even more if you picked slightly more contrasting colors, e.g. a slightly darker cloak color so it's clearer that it's covering his face.
Ok I changed it according to what you said, and tried to differentiate the different materials. thanks for the feedback!