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Yes you can but its global. There is a single record in the Global table of the database. In it there is a field called RootFolder. Update this to another path and it will redirect the cache.
Honestly I wouldn't do this, I would create a symbolic link upon computer start and do it that way.
I agree with Landon on this. I wouldn't recommend changing this value because you will start running into issues like long paths, engaging with support, etc.