Yes, if you right click on the fade track section (the area where you put the keys), you should be able to Edit->Split the section to create another section. There’s a color associated with each section, so can set a color for each fade.
The user interface for creating multiple sections isn’t very intuitive. We’re working on improving that in an upcoming release.
Sorry, my bad. The sections are by default infinite - the sections are basically the key bounds. When they’re infinite, you don’t have to worry about extending the sections bounds when you add keys. Anyway, turn off Properties->Is Infinite will make them no longer infinite. Then, you can split one of them to make another.