yes, you can. Note that when you materialize a view, the table backing it is a "source table". If you want to use that source table as transformation in the another view it should be OK. However, what is not clear is, if you used the "Materialized View" table in transformation of the second Materialized View. Even in this case the data intially retrieved from the base materialized table then cached in its own table.
The update will not update the base, so they need to be orchestrated such that base is loaded first then derived one for refresh.