I have looked at the owner's manual and I do not see this warning light. It sounds like a low coolant light. Here is a free downloadable owner's manual for your 1998 Ford Explorer. You can download it and look for yourself. http://safemanuals.com/user-guide-instructions-owner-manual/FORD/EXPLORER-1998
That is your low tire pressure warning. One of the tires is low, a TPM may have failed, or the system needs to be reset.
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