This app was mentioned in 3 comments, with an average of 1.00 upvote
Well yes, you can reset it.
BUT the red screen is the smallest issue in your situation. I assume that NVRAM got corrupted somehow and now the unique configuration like IMEI numbers, Wi-Fi MAC address and modem calibration data all gone. The phone would still work, may even register into the network, and it's possible to restore IMEI/MAC numbers, but the phone won't work as good as it should/used to. This is a pretty serious issue. I can make an NVRAM dump from my device for you to program as a last resort, but you'd better try to solve it with the manufacturer first.
https://play.google.com/store/apps/details?id=com.Go.EngModeMtkShortcut&hl=en you can try this. overdriving your speakers does not normally sound too good though.