Since the digit $2$ repeats indefinitely, we can multiply both sides of the equation by $10$ to shift the decimal point to the right:
Now, we can subtract the original equation from the second equation and eliminate the repeating portion of the decimal:
This simplifies to:
Finally, dividing both sides of the equation by $9$ gives us the value of $x$:
Therefore, $0.\overline{2} = \boxed{\dfrac{2}{9}}$.