Looks okay for your first sprite tag.

The sprite looks lonely, you should try to include more effects around him, while including flow. You could add effects that resemble fire, or energy etc. Since that relates to the sprite.

Height is too big. Crop it down to about 3/4 of the current size (its just an estimate). Since your focal is only tiny, there is no need for large tags. (Width is debatable)

The brushes on the right dont help, they dont seem to add anything to the tag. They also tip the balance of the tag. They are all on that side, while there is nothing going on on the left. However, i dont really think those brushes would fit very well with the tag.

You have a great base, you should just add more effects and maybe a few adjustment layers. Vibrance, Colour balance, Brightness/Contrast, etc.

Text isnt bad, although i would bring the leters closer together and closer to the sprite. I personally wouldnt choose that font. I would go for a simple sans-serif font.

Hope i helped (After reading this i noticed i wrote 'the tag' a lot inthe third paragraph )