Borrowing fiat with margin

so I have coin X, X cannot be used as collateral on Binance Loan, but can be transferred to margin account.

Let's say the amount of X worths 10,000$, I borrow 5,000$ in stable coin and transfer it to my spot wallet (maximum I can transfer)

so I have a debt of 5,000 and and equity of 5,000 (10,000 of X - 5,000 of debt)

If price of X goes down, in what case it gets liquidated? my margin level is still 2.0 (low risk) after I transfer 5,000 to my spot account