John Mueller suggested all the site owners limit their hops to 5 in a 301 redirect chain for particular URLs that are consistently crawled.
This suggestion will lead to better optimal page speed. However, Google has decided that it will not move a particular URL if the limit exceeds 5.
Recommendation: Google’s Mueller clarifies Single Violation In Webmaster Guidelines Won’t Result In Site Banned
An SEO asked the same to Mueller in Reddit Thread, if they can use more than one 301 while moving from one blog to others.
Mueller said
Image Source: Search Engine Journal
Stringing of multiple 301s to go from a redirect, then to a redirect, then again to a redirect and then landing to the final URL. This redirect chain is known as “hop”.
Ideally, site owners should aim for no more than one hop, as more than that will slow down the experience for users. More than 5 will result in Googlebot not being able to land on the intended URL at all.
Basically, allowing more than one hop will slow down the user
3003 
