This slightly damaged item is dated at around 1495. Many believed this to be a study drawing for similar frescos until discovering that the technical approach used here is more in line with Botticelli's later drawings, thus coming along after those frescos.
It is specifically the greater contrast in detail which is typical of his later drawings and that is clearly on display here. He either used alternative drawing tools to create this or simply traced over the same areas several times in order to darken it up.
The curved elements to this drawing meant it may yet be a study work for an altarpiece, but this has never been established, as with much of this artist's career. As a member of the Early Renaissance Botticelli was at the forefront of the developments in European art but a downside of this is that much of the art from this period went undocumented.
This small sketch was created from pen shaded with brown, white heightening and pink wash. This medium was common throughout his drawings, right across his career.
Adoration is common in the Renaissance, normally with titles of Adoration of the Magi or the King. Rubens famously painted Adoration of the Magi whilst Pieter Bruegel produced Adoration of the Kings.