There's also a kind of colored pencils that's called water_coloured pencils. The way of application is just the same as colored pencils. However, with this media you can achieve a watercolor effect by dipping a brush in water and brushing along the colored areas with it. It's actually a fun media to try especially if you want to use a watercolor but find the mixing with water hard. It's easy to use as well.
Mid_range pencils from brands like Staedtler or Faber Castel offer softer application, which allows you to get more color into the paper. This can produce a more vibrant color and reduces the chance of white flecks of paper showing through. Softer wax pencils are also better for shading and blending.