Not many American Indian tribes are known for weaving rugs (saddle blankets)...
The Navajo and Zuni tribes are the better known as weavers.
If this is truly a Navajo rug (saddle blankets), it can be very valuable.
Visual appearance is not always the best method to determine authenticity...
What is suspect with this blanket is the fringe...which is not atypical for period blankets.
Unfortunately many copies are being made in the orient, including China, middle east (Iraq, Iran), south American and of course, Mexico.
Its important to get it authenicated...this type of rug (saddle blankets)...have been made in Mexico for many years...and imported into the U.S.
I have several rug / saddle blankets that I purchased in Mexico which are at least 35 years old...
The Navajo, for instance, use wool from Churro sheep...therefore if the wool is from a breed (200+ named breeds) not associated with the Navajo, the rug (saddle blankets) may be suspect. There are also sheep breeds that produce a course wool that is commonly referred to as 'Rug Wool'.
Testing the wool fibers is primary to the authenication process.
The Navajo-Churros wool possess a dual (layer) coat, which has an inner and an outer layer. The fleece is composed of an inner coat (80% of fleece), and outer coat that is hair fibers (10-20% of fleece) and kemp (a coarse, opaque fiber, less than 5% of fleece).
Just because its labeled as being 'American Indian' made does not mean its attributed to the U.S. by a known tribe or weaver.
Pardon the pun, but be very cautious about being fleeced by a copy.