How can I rename the folder using the *album* tag?

You would have find a bunch of answers anywhere in the forum.

Use converter "Tag - Tag" or action "Format value".

Field: _DIRECTORY Formatstring: $validate('.\..\'%ALBUM%'\'%_directory%,'-')

... or ...

Formatstring: $validate(%_folderpath%'..\..\'%ALBUM%'\'%_directory%,'-')

... or ...

Formatstring: $validate($replace(%_folderpath%'*','\'%_parent_directory%'\'%_directory%'\*','\'%ALBUM%'\'%_directory%'\'),'-')

The empty old album folder may still exist after the operation.
But all additionally other folder content have been moved too.

Use converter "Tag - Tag" or action "Format value".

Field: _FILENAME Formatstring: $validate(%_folderpath%'..\..\'%ALBUM%'\'%_directory%'\'%_filename_ext%,'-')

The old folder tree still exists after the operation.
There have been left all additionally other folder content.

DD.20140214.2035.CET
DD.20140215.1155.CET
DD.20140216.1902.CET