Red LED temp light stays on and temp gauge cycles upon turning the key but stays at the bottom

There is always a risk to the engine if you drive it when it overheats. Have you checked the antifreeze level? If its okay, have you flushed the radiator system ever, if not might be a good time do get fresh fluid in the system. Also, this could be an issue with the waterpump, do you see any antifreeze leaking from the front of the engine block itself? If so, pump might be leaking and failing. Also, it could be a faulty thermostat, depending on how any miles are on you vehicle, it could be any or ALL of these issues. When the gauge shows its very hot have you opened the hood to see if you see any steam or anything leaking? If not, it might even be a faulty gauge, but better look into the other items first.

Just happen to me today. I have an OBD2 sensor wirelessly hooked up to my phone and it is not overheating. My MPH and REVs have no response. Lower power on the display.