Yes. Here's how:
Go to .../Settings/Change Password.
Click on the "FORGOT PASSWORD" link.
Enter your recovery passphrase. Make sure all characters are lowercase, there is only one space between words and there are no extra spaces at the end.
Set a new password.
If you don't have your Recovery Phrase backed up, please read: I've lost both my Recovery Passphrase and my Coinomi app password. Are my funds lost?
Possible errors: New Master Key Differs from Wallet Master Key
This error means that you trying to reset your password using an incorrect recovery phrase. The recovery phrase may be associated with a different account, or you used the incorrect BIP39 option.
Please try again and make sure that each word is spelled correctly and that this is the phrase associated with the account in question and not another one. Make sure you only check the "Use BIP39 passphrase" if you have one set.
If you are receiving a different error message, please check the error section of our guide here.